*US$ 10 million financing package for leading microbank in Georgia
* Package will improve access to finance through on-lending to MSMEs and supporting green investment
* Project will also involve technical cooperation financed by Austria and Green Climate Fund
The European Bank for Reconstruction and Development (EBRD) has arranged a US$ 10 million (€8.6 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 – an EBRD loan of US$ 8 million – 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 – 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) – 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. The project is being supported by a technical cooperation package funded by Austria and the GCF, aimed at assisting Crystal with capacity building, implementation and monitoring.
The EBRD’s Regional Director for the Caucasus, Alkis Vryenios Drakinos, said: “This investment underscores our strong commitment to fostering inclusive and sustainable private-sector growth in Georgia. By supporting Crystal’s efforts to improve MSMEs’ access to finance and scale up green lending, especially in rural areas, we are helping to build a more resilient and climate-conscious economy.”
Crystal’s CEO, Ilia Revia, said: “Partnering with the EBRD is a strategic milestone in Crystal’s post-licensing phase as a microbank. Beyond the financial deal, this partnership reflects international trust in our mission and capacity. It allows us to become an even stronger ally for local entrepreneurs – especially in regions where access to finance remains a challenge.”
Crystal is one of Georgia’s leading financial institutions, known for its dynamic growth and development. After operating as a microfinance organisation for many years, the company obtained a microbank licence from the National Bank of Georgia on 12 February 2025. At the time of licensing, Crystal had a loan portfolio totalling GEL 570 million (€181 million), operated 48 branches, employed over 1,000 staff and served more than 100,000 individual clients nationwide. Crystal continues to attract significant investment through its partnerships with international financial institutions. In the first six months of 2025 alone, the company successfully mobilised more than GEL 130 million (€41 million) in new funding. To date, the EBRD has invested more than €5.52 billion in 313 projects in Georgia’s financial, corporate, infrastructure and energy sectors. Of that investment, 83 percent has been in the private sector.
