The SPO can be accessed here and Scope’s Social Bond SPO guidelines are available under this link. 

Crystal’s Framework has received Scope’s highest assessment of three green humans, which signals a transformative impact contribution. The organisation’s Social Bond Framework is fully aligned with the 2021 Social Bond Principles (SBP). In addition, Scope ESG’s methodology supplements the use of proceeds element with an impact of proceeds assessment and a review of impact risks.

“Our highest score of three humans acknowledges Crystal’s ambition to address two of the main social challenges in Georgia: access to finance and women empowerment”, said Wendy Fernandez, ESG analyst at Scope.

Scope has assigned the highest score for Crystal’s sustainability strategy, reflecting the company’s ambitious quantitative and qualitative social and environmental targets. The strategy further addresses a key impact responsibility for the financial industry in Georgia, namely eradicating poverty through access to finance. Scope’s strong impact assessment for Crystal is also driven by the company’s transparency in social impact reporting.

Crystal acts as a platform for economic development for micro and small entrepreneurs as well as farmers, providing them with innovative financial products and value-added services. The microfinance organisation manages a loan portfolio of GEL 320m (roughly EUR 111m) and employs more than 1,000 people serving more than 120,000 customers across 13 regions in Georgia through 50 physical branches as well as digital channels.

“We observe strongly growing importance of sustainable finance in frontier markets like Georgia with high potential to meet investor demand for sustainable debt”, said Bernhard Bartels, Managing Director at Scope ESG Analysis.

Disclaimer
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