Georgia's Crystal takes $15-mln loan from Dutch FMO

TBILISI. Aug 15 (Interfax) - Georgia's largest micro-finance organization Crystal has taken a $15-million loan from the FMO Dutch Development Bank, the Georgian company said in a statement.

"The funds will be fully used to strengthen Crystal's capacity to offer innovative financial solutions tailored to the needs of micro, small and medium entrepreneurs, women, youth and farmers across Georgia," the statement said.

Crystal MFO is the largest non-banking financial institution in Georgia in terms of assets with a $483-million credit portfolio and over 104,000 active clients. It specializes in the provision of financial products and services to micro and small businesses and farmers.

Crystal is rated by Fitch Ratings. In July this year, the agency upgraded Crystal's long-term issuer default rating (IDR) from "B-" to "B".

In December 2023, Crystal applied for a micro-bank license and expects to receive it in the third quarter of this year.