EBRD partners with Crystal to support private sector in Georgia
The European Bank for Reconstruction and Development (EBRD) has arranged a €8.6 million (US$ 10 million) financing package for Crystal, one of Georgia’s leading microbanks, to support private-sector development and boost green finance in the country.
That financing package is in two parts. The first is an EBRD loan of US$ 8 million. It will be lent on to local micro, small and medium-sized enterprises (MSMEs), including firms in economically underdeveloped regions and rural areas of the country, improving their access to medium-term finance in local currency and helping them to increase their competitiveness.
The second part is an additional US$ 2 million loan, of which US$ 1.5 million is being provided by the EBRD and US$ 0.5 million is being made available by the Green Climate Fund (GCF) under the EBRD’s Green Economy Financing Facility (GEFF). It will enable Crystal to scale up its green lending by financing climate change mitigation and adaptation technologies for private individuals and MSMEs.
Crystal will provide financing through its nationwide branch network and digital channels, continuing to support women-led businesses and other underserved groups. The project will also support Crystal’s ongoing efforts to improve access to gender-responsive green financial products.
Find out more
MOST READ
[popular_posts columns_xl=”4″ columns_l=”4″ columns_m=”3″]
