March 30, 2017
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) and JSC Microfinance Organization Crystal have signed USD synthetic local currency (GEL) term facility in an aggregate amount of USD 10,000,000.
The facility will be used to support micro and small enterprises through innovative financial products and green financing in the regions of Georgia with special emphasis on tourism, agriculture and service sectors.
The signing ceremony was attended by representatives of the government authorities, international organizations, financial sector, international financial institutions and mass media. Among the special guests were Mr. Koba Gvenetadze, President of the National Bank of Georgia, H.E. Mr. Jos Douma, Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands to Georgia and Mr. Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia.
Mgaloblishvili Kipiani Dzidziguri (MKD) advised FMO on the Georgian law matters of the transaction and drafting the agreement. The MKD team was led by partner Victor Kipiani assisted by lawyer Giorgi Kankava.
The transaction is among several others through the recent years with MKD acting as an advisor to the Dutch finance institution.