Incofin IM and DWM take a joint 51% stake in JSC Microfinance Organization Crystal, Georgia

Incofin IM and DWM take a joint 51% stake in JSC Microfinance Organization Crystal, Georgia


Tbilisi/Antwerp/ New York, 27 May 2016 – 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%).


Leading Microfinance Institution in Georgia

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.

Realizing further growth

Incofin IM and DWM, as internationally reputed investors, are looking forward to working closely with Crystal management and local shareholders in order to realize further growth and to support the company in fulfilling its social mission.  To this effect, Incofin IM and DWM will both take up board positions in Crystal’s Supervisory Board.

For the execution of the transaction, the investors were assisted by Becker Glynn and BDO.

Archil Bakuradze, Executive Chairman of Crystal, said: “We are both delighted and encouraged by the successful closing of this equity transaction. It brings new momentum, energy and leadership to Crystal. The remarkable support of our investors gives us a fantastic basis for providing a world-class service to our growing number of clients, in every little village of Georgia, and thereby contributes towards a tangible and crucially important economic impact.”

Jan Dewijngaert, Regional Director CEE, NIS and MENA at Incofin IM and responsible for this agRIF investment, added: ”We highly appreciate the professionalism of the management of Crystal and the sense of innovation, which is very much part of the fabric of the company. We are pleased to contribute to the further sustainable growth of Crystal and to support the organization in its mission to improve the livelihood of population in Georgia through the delivery of suitable microfinance products and services.”


Aleem Remtula, Managing Director Private Equity at DWM, said: "Crystal is distinguished by an innovative culture, high standards of integrity and exceptional customer focus. We are pleased to continue our longstanding partnership with Crystal as it aims to become the leading provider of responsible loan products and financial services in the Georgian market".

 (End of press release)

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About agRIF

agRIF is a USD 119 million fund that was launched in 2015. The fund will invest in financial institutions in emerging economies, that enhance financial inclusion of smallholder farmers and in rural companies active in the agricultural value chain. The fund is advised by Incofin Investment Management, a manager of impact investment funds. Incofin IM has 11 funds/facilities under management totaling more than USD 725 million and offices in Belgium, Colombia, India, Kenya and Cambodia. More information is available on

About DWM

Developing World Markets (“DWM”) is a US-based, impact investment manager with a mission to improve lives at the base of the economic pyramid. The firm invests exclusively in emerging and frontier markets, having structured or advised on more than USD 1 billion in impact investments in over 165 institutions across 50 countries. 

About JSC Microfinance Organisation Crystal

JSC MFO Crystal supports micro and small entrepreneurs and smallholder farmers throughout Georgia in realizing their business potential, enjoying financial stability and improving their living standards. As a socially active player, Crystal offers transparent, innovative and smart financial solutions, tailored to the needs of its customers, in combination with expertise critical for their economic success. Currently, Crystal manages the loan portfolio of about 115 million GEL, reaching out to more than 50,000 micro and small entrepreneurs due to its innovative products and distribution model. For more details please visit

Contact details:

For more information about agRIF and Incofin IM:

Jan Dewijngaert, Regional Director CEE, NIS and MENA

T:  + 32 3 829.25.79


For more information about DWM :

Aleem Remtula, Managing Director Private Equity

T: +1 203 655.5453


For more information about Crystal:

Archil Bakuradze, Executive Chairman

T: +995 32 2970 128