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géorgie,
PROPARCO’s loan allocated to the microfinance institution Crystal will support the development of microcredits for smallholders and agricultural cooperatives in Georgia.
Client presentation

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.

Project description

PROPARCO’s credit line aims to develop Crystal’s loan portfolio for smallholder farmers (particularly cooperatives) in Georgia. 

Project impact

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).

27/03/2018
Date of signature of the project
Sectors
Georgia
Location
Financing tool
5 714 752 Euros
Amount of funding
Loan of USD 7m
Financing details
JSC MFO CRYSTAL
Client
CES