GSS Bonds

Symbiotics launches the first Sustainability Bond in Georgia with MFO Crystal for USD 5 million in local currency equivalent

May 17, 2021

Symbiotics, the leading market access platform for impact investing, has arranged the first Sustainability Bond ever issued in Georgia by raising USD 5 million in Georgian Lari equivalent for JSC MFO Crystal (“Crystal”).

The proceeds of the Sustainability Bond will be used to finance both Social and Green eligible loans. The Social loans will be granted towards microenterprises and SMEs, stimulating the generation of employment in the country. The Green loans will be granted towards the promotion of energy efficiency, renewable energy, clean transportation and sustainable agriculture.

With this Sustainability Bond issuance Crystal showcases its commitment to sustainable finance and the promotion of environmentally and socially beneficial loans.

SDGs addressed with this Sustainability Bond:

This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Sustainability Bond will be listed on the Luxembourg Green Exchange within the Sustainability Bond section. The Sustainability Bond proceeds are to be fully used towards a 3-year, senior unsecured, local currency loan to Crystal.
Link to Sustainability Social and Green Bond framework for Symbiotics

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About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions.

About Crystal
Crystal is the largest non-bank microfinance institution (‘MFI’) in Georgia. Founded in 1995 as a humanitarian program, the organization transformed in 2007 into a licensed MFI, regulated by the National Bank of Georgia. Crystal is the leading financial inclusion platform in Georgia focusing on micro and small entrepreneurs, also catering to retail clients by offering consumer and housing loans. The MFI also provides green loans to finance the purchase of renewable energy systems, energy efficient (EE) systems, drip irrigation systems, environmentally friendly construction materials, in addition to electric and hybrid vehicles.Crystal’s mission is to eliminate poverty in Georgia by promoting entrepreneurship in a financially, socially and environmentally sustainable manner. The MFI is also an official endorser of the SMART Campaign principles and United Nations Women’s Empowerment Principles (WEPs). Crystal is the first Fitch-rated non-banking financial institution in the region. In December 2018, Crystal received Georgia’s national responsible business award, “Meliora“.

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For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics