JSC Microbank Crystal
Status: Proposed investmentWhy disclosure?
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In case of questions
We welcome feedback on this proposed investment opportunity for FMO. The ending of the proposed investment phase is indicated on the right side of this page. In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our prospective customer?
JSC Microbank Crystal (“Crystal”) is a strong player in Georgian microfinance market thanks to its presence in the rural areas – especially in Western Georgia. Crystal currently serves 100,000 clients through 46 branches, and counts ~1,000 employees. February 2025 marked a turning point for Crystal, with the obtention of the microbank license. This license opens opportunities, as this allows Crystal to take deposits up to GEL 30,000 (~USD 11,000) and to increase maximum loan amount from GEL 100,000 to GEL 1m (~USD 370,000).
What is our funding objective?
To support Crystal's growth plans in expanding its MSME portfolio, FMO will provide a USD 20m senior unsecured facility, of which USD 10m as an uncommitted tranche. The facility will be fully earmarked for Reduced Inequalities and Green projects. The facility offers the flexibility of dual currency (in GEL and USD) with Crystal having the option to select the currency prior to disbursement.
Why do we want to fund this investment?
Crystal will use the proceeds of the FMO loan to finance eligible Green loans to Youth, Female, Agri SMEs, and Micro sub-borrowers. This means that through this loan FMO financing will be contributing to Reducing Inequalities (100% of the facility) and climate actions. In addition, FMO provides Crystal medium term and stable funding available in local currency and USD.
What is the Environmental and Social categorization rationale?
The project has E&S risk category C in accordance with FMO’s Sustainability Policy. The project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. Crystal will be required to adhere to the EDFI Exclusion List and Georgian E&S laws and regulations. FMO analyses risks from different perspectives and assessments. In the case of microbank/microfinance investments, the E&S classification is typically low because the exposure generally is limited to retail and micro-entrepreneurs. The risks, such as, among others, over-indebtedness, transparency of interest rates, and responsible pricing, are covered by FMO in other assessments such as the Client Protection Principles (CPPs). In case of high contextual risk, a human right assessment can be carried out.
More investments
| Date | Total FMO financing |
|---|---|
| 12/10/2025 | EUR 0.22 MLN |
| 8/2/2024 | USD 10.00 MLN |
| 3/15/2022 | EUR 0.20 MLN |
| 9/7/2021 | USD 10.00 MLN |
| 4/18/2024 | USD 10.00 MLN |
- Website customer/investment
- https://ir.crystal.ge/at-a-glance/
- Region
- Europe & Central Asia
- Country
- Georgia
- Sector
- Financial Institutions
- Publication date
- 4/3/2026
- Deadline for feedback
- 5/3/2026
- Total FMO financing
- USD 10.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C