Crystal Partnership with BlueOrchard Finance Strengthened by $5 Million Loan Injection
Financial Inclusion Organisation Crystal has strengthened their longstanding partnership with Swiss Impact Investment Managers BlueOrchard with a new $5 million investment to support Crystal’s innovative financial services for micro entrepreneurs and farmers throughout Georgia.
The new loan injection is demonstrative of the continued solid and impactful partnership between the two financial institutions at a point when several investors are taking an increasingly cautious approach to risk management in light of the COVID-19 pandemic. The facility will support Crystal’s provision of essential financial services to vulnerable micro-entrepreneurs during the crisis, including increased access to credit products, liquidity to finance working capital, and targeted business consultancy.
The unstable global investment climate reinforces the need for this leadership from impact investors and the microfinance sector. Microfinance institutions have a critical role during the crisis period as their extensive network outreach in rural communities expands support to vulnerable sectors. The new facility is a timely recognition of the importance of Crystal’s work as Georgia’s leading microfinance institution. The proceeds of this fund will be directed towards the promotion of sustainable economic recovery that can guarantee the restoration of stable businesses and productive employment.
Since 2014, Crystal and BlueOrchard have successfully completed multiple senior loan transactions. This strengthened collaboration is a decisive step towards both organisations’ shared priorities of improved financial inclusion and entrepreneurial development across Georgia, despite the increasingly conservative global investment climate caused by COVID-19.
Normunds Mizis, Chief Credit Officer at BlueOrchard, commented: “We have been working with Crystal for a number of years and have developed a strong partnership with them in this time. This additional funding is testament to our conviction in Crystal’s mission to provide essential services to micro entrepreneurs and farmers across Georgia. As impact investors, we firmly believe that it is during challenging times that these individuals need continued access to financial and other related services, and are proud to have been able to continue working with Crystal to provide this access in recent times.”
Ilia Revia, Chief Executive Officer of Crystal comment: “It is incredibly encouraging that BlueOrchard has chosen to boost their partnership with Crystal in this critical period, as many of international funders opt to wait until the end of the COVID-19 pandemic is in sight to act. We are grateful to BlueOrchard for this valuable show of faith in our efforts to combat the unprecedented economic conditions created for everyday Georgians. This new investment will support our work to promote economic stability and recovery for our vulnerable clients.”