Crystal Fund was established as a non-governmental and not-for-profit organisation in 2004 on the basis of the small business development program implemented by the local non- governmental organization – Charity Humanitarian Centre Abkhazeti (CHCA) focused on internally displaced people.
Crystal Fund implemented microfinance activities and until 2007 operated as a specialized microfinance fund to promote the self-reliance of vulnerable groups and to contribute towards poverty reduction in Georgia. In particular, Crystal Fund provided support to micro, small and medium-sized businesses and provided small entrepreneurs with easily accessible, fast and high-quality financial services. The target group was Georgia’s low-income, economically active population, which was particularly in need of effective financial support.
Since 2007 Crystal Fund has gone through restructuring having transferred its microfinance business to JSC MFO Crystal and focused on educational, social and community development goals.
Since 2009 Crystal Fund has been focused on increasing the role of new technologies in enhancing access to financial services. In 2010-2013, Crystal Fund implemented the IFAD-funded project Reaching Georgia’s Rural Poor through Mobile Remittances aimed at improving financial inclusion of Georgia’s rural population.
In 2013-2015 Crystal Fund expanded the scope of its activities. The initial steps were taken to build a UK-Georgia initiative. Financial Literacy, Peacebuilding, Rule of Law, Policy Dialogue, Youth Entrepreneurship and Road Safety initiatives were launched.
The Board was joined by prominent independent members from the UK, while grant management, reporting and transparency standards were enhanced.
Since the end of 2015, with the support of international organizations and in cooperation with local partners, Crystal Fund began implementation of large-scale projects and activities to put these new initiatives into action, among them:
Since 2019 women economic empowerment has been added to the priority areas of Crystal Fund. The program – Supporting Youth and Women Entrepreneurship in Georgia (YES-Georgia), implemented by Crystal Fund has received support from the Women Global Development and Prosperity (W-GDP) initiative.