The EBRD and MFO Crystal have signed a landmark agreement to enable the new PFI to scale up its green lending by financing climate change mitigation and adaptation technologies for private individuals and MSMEs. Under the EBRD’s GEFF in Georgia, MFO Crystal has received USD 2 million in funding, supported by the Green Climate Fund (GCF). This financing will enable Georgian businesses to invest in cutting-edge technologies for climate change mitigation and adaptation, enhancing their productivity, reducing operational costs, and contributing to the country’s sustainable development goals.
Ilia Revia, Crystal’s CEO, expressed his enthusiasm for the collaboration: “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.”
To mark the beginning of this collaboration, the GEFF in Georgia team held kick-off meetings with MFO Crystal on 31 July 2025. The discussions focused on key aspects of the partnership, including project objectives, implementation plans, required activities, capacity building, marketing and visibility strategies, and deliverables.
George Zurashvili, Deputy Project Manager of the GEFF in Georgia, highlighted the importance of this initiative: “The ongoing impact of climate change demands further efforts and attention from local financial institutions and businesses. In this context, the participation of MFO Crystal as a new GEFF partner will enhance green financing capacities and drive the necessary investments.”
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