Incofin IM’s agRIF (agRIF) and DWM’s Inclusive Finance Equity Fund II (IFEF) have together subscribed to a 9m GEL capital increase of JSC Microfinance Organization Crystal (Crystal). The investment of both partners will primarily be used to fund Crystal’s geographical expansion and the introduction of new financial services in the rural areas of Georgia. In addition, agRIF has purchased shares from existing shareholders. As a result the new shareholder structure of Crystal is as follows : Fund Crystal (48.7%), agRIF (38.1%), IFEF (12.7%) and management (0.5%).
Crystal is the fourth largest microfinance institution in Georgia in terms of outstanding loan portfolio. It is offering a range of financial services in the rural areas in the west and eastern parts of the country as well as around Tbilisi. The institution shows a strong social commitment reflected across the whole organisation, demonstrated by responsible lending procedures and a dedicated social responsibility management. Last year the Company grew its Gross Loan Portfolio by 48% reaching 108 million GEL, serving up to 50,000 clients through a network of 31 branches across Georgia.