JSC MFO CRYSTAL (FMO-51156)

Countries
  • Georgia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 28, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JSC Microfinance Organization Cyrstal
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 23, 2018


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
According to FMO website, JSC Microfinance Organization Crystal (Crystal) is Georgia’s fourth largest microfinance lender with 60 thousand customers, 36 branches and a loan portfolio of USD 60m. Headquartered in Kutaisi, a regional city in the northwest of Georgia, it has a strong outreach in the country’s rural areas (>60 percent of loan portfolio), especially in its home region. This project is fully in line with FMO's strategy of increasing our impact in Georgia through growing our client base with selected second tier banks and larger MFIs. By supporting Crystal, FMO contributes to improving access to finance for Georgian micro businesses, especially in rural areas. Crystal’s inclusive mission and activities fit well within the new Massif’s strategy and focus themes. A part of the funding will be used for green lines.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Fund: MASSIF

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
No contact information provided at the time of disclosure.

How it works

How it works