Crystal was set up by five young refugees from Abkhazia Province. It started its microcredit activities in 1998 as an NGO working for vulnerable internally displaced populations.
PROPARCO’s credit line aims to develop Crystal’s loan portfolio for smallholder farmers (particularly cooperatives) in Georgia.
This project will increase access to basic financial services in Georgia. With an average loan size of EUR 830 and a minimum loan of approximately EUR 17, PROPARCO’s loan should allow 14,000 people to access microcredit products and services.
Furthermore, PROPARCO’s support to Crystal promotes the empowerment of women, who account for over half (51%) of the microcredits allocated, and the development of Georgia’s agricultural sector via the allocation of agricultural microcredits to farmers and cooperatives.
PROPARCO’s financing will allow Crystal to develop by opening 21 new branches over the next 5 years, which should create 300 new positions, while maintaining the current 801 jobs.
Finally, PROPARCO will also play an advisory role via technical assistance, which could concern non-financial thematic areas (for example, via training programs for farmers).