Short description of the overall project

The Green for Growth Fund (GGF) has provided a senior loan of USD 1.5 million to new partner JSC MFO Crystal (Crystal) to expand green energy lending in Georgia.

The largest microfinance organization in the country, Crystal primarily serves microentrepreneurs and farmers, with a strong focus on rural clients. The institution is also unique among microlenders in Georgia for its keen interest in addressing the need for energy-efficiency improvements among this client group: Crystal has been substantially ramping up its portfolio of green energy products and last year pioneered financing for solar energy systems in remote areas.

This strategic focus on energy-efficiency financing makes Crystal an ideal partner for the GGF’s mission to reduce energy use in the region. The new GGF funding will boost Crystal’s capacity to help households and farmers improve their carbon footprint and save energy: Measures financed through the loan are expected to result in annual primary energy savings of over 2,600 MWh and reduce CO2 by approximately 910 metric tons per year. The GGF will also support Crystal in measuring and promoting green impact, developing energy-efficiency products, and raising green energy awareness among its client sector.