ICT Association of Kosovo
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| Norwegian Ministry of Foreign Affairs |
2008
- 2010
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With funding from the Norwegian Ministry of Foreign Affairs, Crimson Capital is
supporting the establishment of the Kosovoa Society for Information Technology and
Communications (STIKK). STIKK was established as a trade association in November 2008
and works to develop the thriving ICT sector of the Kosovo economy.
STIKK currently represents more than 55 Kosovo ICT companies and is managed by its Board of Directors and executive management. With support from Crimson, STIKK is implementing a number of activities to support the development of the ICT sector in Kosovo, including:
- Compiling market information and conducting research on the ICT market in Kosovo and in the region;
- Informing the Kosovo ICT sector on relevant trends in the industry throughout Europe and about business and development opportunities;
- Lobbying to address issues such as customs tax on the ICT sector;
- Attracting investment and businesses interested in the ICT sector in the region;
- Implementing a marketing campaign to increase public and private sector exposure to the ICT industry;
- Providing training and capacity building opportunities; and
- Working to improve the ICT education curriculum at learning institutions.
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Private Sector Competitiveness Enhancement Program (PSCEP)
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The Private Sector Competitiveness Enhancement Program (PSCEP) is designed to promote the competitiveness of select non-natural resource sectors of the Azeri rural economy in order to create jobs, increase exports, and generate investments. Under a subcontract from Chemonics, Crimson Capital is supporting the PSCEP project by working with selected target banks in Azerbaijan to introduce Purchase Order Financing and leasing to the Azeri market.
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Competiveness and Trade Expansion (COMPETE) Project
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Crimson Capital is part of a Chemonics-led consortium recently awarded the Competiveness and Trade Expansion (COMPETE) project. COMPETE is issued under the GBTI II IQC.
The goal of the COMPETE project is to enhance economic growth and food security in East and Central Africa (ECA) by stimulating increased trade and competitiveness. This will be achieved through increased integration and reduced barriers to regional and international trade; increased competiveness and trade on select regional value chains; and increased trade between the US and ECA; and increased capacity of ECA countries to engage in multi-lateral trade negotiations.
Crimson supports the efforts of the COMPETE project by providing expertise to promote policies and regulations that enable private sector investment and trade and by building local capital market capacity to finance infrastructure projects and trade.
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Africa Infrastructure Program (AIP)
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Crimson has teamed with Nexant to work on this three-year, USAID-funded program, which has the initial goal to leverage $2-5 billion in new, private sector investments in the electricity and energy sector in the sub-Saharan African (SSA). The team will work to implement this goal by providing legal, fiscal, contracts negotiations, evaluations, policy and regulatory support to close late-stage energy infrastructure transactions.
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Southern Africa Financial Sector Program
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The Southern Africa Financial Sector Program (FSP) promotes access to financial services for small and medium enterprises (SMEs) by working with financial institutions and regulatory agencies to improve and expand financial products available to SMEs and to reduce transaction costs and risks associatied with lending to SMEs. FSP will also work improve business services avilable to SMEs and to improve the legal/regulatory environment.
Crimson Capital (under a subcontract to Chemonics) is working to expand access to financial services and to lower financing cost for SMEs. The team will also work to reform the legal and regulatory framework affecting the financial sector and business environment and to improve the commercial viability of SMEs in South Africa, thereby expanding disadvantaged entrepreneur’s access to a range of high quality and affordable financial services.
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Kosovo Crimson Finance Fund
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| USAID, NORFUND, Crimson Capital |
2008
- Ongoing
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http://cffkosovo.com/
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The Crimson Finance Fund (CCF) is an innovative, non-bank financial institution that is uniquely positioned in the marketplace. CCF to provides innovative, short-term working capital finance products to small and medium sized enterprises (SMEs) in Kosovo. The Fund directly targets the problem of the “missing middle,” in which the vast majority of companies in developing countries cannot obtain short-term working capital financing needed to grow, employ more people, increase exports and become competitive and viable for the long-term. The fund utilizes products such as purchase order finance and pre-export financing to address the lending needs of the SME sector in Kosovo.
CCF provides financing to all sectors of the economy and operates in all regions of Kosovo, but gives special attention to businesses that are not being adequately served by existing financial institutions, including rural businesses and enterprises owned by women and minorities. The Crimson Finance Fund began lending in the fourth quarter of 2008.
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Promoting Integrated Development (PDA) in Peru
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The goal of the Promoting Integrated Development (PDA) project in Peru is to promote sustainable, licit development in communities and regions affected by illicit coca cultivation in Peru. PDA builds on the previous achievements of the Alternative Development Program, which supported the transition of over 800 communities and 70,000 families (over 60% of them former coca growers) to a licit lifestyle after voluntary eradication of their coca crops.
Under a subcontract to Chemonics International, Crimson Capital manages the financial services component of the PDA initiative. Under PDA, Crimson Capital experts are working to increase and improve access to finance in Peru’s Selva region through the introduction of new products, value chain finance and training and technical assistance to local lenders.
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Madagascar Technical Assistance for the Implementation of the ABCs Services and Strategies in Rural Agribusiness Development Program (ABIP)
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| Millennium Challenge Account (MCA) Madagascar |
2007
- 2009
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The program is designed to build the capacity of a network of newly developed agribusiness service centers across the country. The main objective is to create a rural agricultural business promotion system that is market-driven, demand-based and customized to the end-user in the delivery of services to improve production, marketing and business practices. Crimson Capital is currently developing a business plan for the main service center, focused on long-term sustainability beyond donor funding.
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Kosovo Economic Management for Stability and Growth (EMSG) Project
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Crimson Capital is providing advisory services to the Ministry of Energy and Mining (MEM), the Project Steering Committee (PSC) of the Lignite Power Technical Assistance Project (LPTAP), and the Government of Kosovo for reform in the energy sector. Activities include assistance on the development of the 3 billion EUR LPTAP program consisting of a new lignite mine and 2,000 MW lignite-fired power plant, future disposition of existing power plants, legal and regulatory reform, and the privatization to a foreign strategic investor of the distribution and supply functions of Korporata Energjetike e Kosova (KEK), the electric utility. Crimson Capital is a subcontractor to BearingPoint on this activity.
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Macedonia SME Commercial Finance Fund
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| USAID, NORFUND, Crimson Capital |
2003
- Ongoing
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Crimson Capital designed and manages this $3 million fund to provide innovative, short-term working capital finance products to small and medium sized enterprises (SMEs) in Macedonia. The Fund directly targets the problem of the “missing middle” in which vast majority of companies in developing countries cannot obtain short-term working capital financing needed to grow, employ more people, increase exports, and become competitive and viable for the long-term. The fund utilizes products such as Purchase Order Finance and pre-export financing to fill address the lending needs of the SME sector.
In just over six years of lending, the SME Fund has supplied 205 loans totaling more than $14.6 million to Macedonian SMEs, and has created more than 1,300 new permanent jobs, including over 723 jobs for women and 155 for minorities. SME Fund loans have stimulated an average yearly increase of 25% in revenues and 780% in profits for client SMEs, and have generated $50.1 million in new exports. The SME Fund recently received new investment from European investors, doubling its size to more than $3 million in lending capital. The SME Fund has extended loans to all regions of Macedonia, and targets all major sectors of the economy, including food processing, trade, textiles, IT, leather goods, and construction materials.
“The Performance of the SME Fund in Macedonia has far exceeded our expectations. It has been successful and it has served as a model for USAID
and Crimson SME Lending programs in other countries.”
Richard Goldman, Mission Director, USAID Macedonia
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Doing Business Case Studies in Central and East Africa
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| International Finance Corporation (IFC) / USAID |
2007
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Crimson Capital developed case studies for the IFC and USAID on licensing reform, trade across borders and contract enforcement in Kenya, Rwanda, Tanzania and Uganda. The case studies focused on reforms in areas of relevance to the World Bank Doing Business rankings. The analysis looked at the history and development of reforms, implementation to date and the challenges and benefits of new approaches to improve the ease of doing business in each of the four countries.
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Macedonia Agribusiness Activity (AgBiz)
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The primary objective of USAID’s AgBiz Program is to sustainably increase the competitiveness of Macedonian agribusiness producers, processers and traders in selected agribusiness value chains (fresh vegetables, processed vegetables, bottled wine, wild gathered products, and fresh fruits). The AgBiz team is working to help Macedonian agribusinesses enter export markets for value added food products, enhance market linkages along the selected value chains, improve business management and operations, build income-generating opportunities for agribusinesses and create new employment.
Crimson is working through a subcontract to ARD on AgBiz to help Macedonian agribusinesses source capital, to enable them to expand and improve production as well as to increase sales. Crimson experts have already assisted agribusinesses access over $4 million in financing to expand their operations and complete trade deals. The Crimson team is also working with fresh fruit producers and marketers to install more efficient drip irrigation systems, upgrade storage facilities and enhance their export marketing capabilities.
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Study on the Development of the Bond Market for Mortgage Backed Securities (MBS) in Bangladesh
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| International Finance Corporation (IFC) |
2006
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Crimson completed a detailed study for the IFC on the development of debt capital markets in Bangladesh, focusing on issuance of corporate bonds and asset-backed securities (including mortgage-backed securities). This included a thorough analysis of the current state of the Bangladesh debt market, profiles of institutional investors and analysis of secondary markets as well as analysis of the current legal and regulatory environment. The study also provided recommendations for removing critical impediments and actions to be taken in the short, medium and long term to improve the functioning of both primary and secondary markets.
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El Salvador Financial Services for Small and Medium Enterprises
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The goal of this project was to stimulate trade and investment, create jobs and reduce poverty in El Salvador. The project targeted eight financial institutions to expand lending and other financial services to underserved markets and to introduce viable loan products that better serve SME financing needs. Of the eight partner financial institutions selected, six are commercial banks and two are Non-Banking Financial Institutions (NBFIs).
In addition to the work of the resident Chief of Party, Crimson Capital experts provided short-term expertise to help partner institutions develop new working capital finance and leasing products to better reach the SME clients. Crimson’s experts also conducted an analysis of potential products that partner banks may employ to address market gaps.
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Indonesia Anticorruption and Commercial Court Enhancement (In-ACCE)
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USAID-funded activity designed to assist the Supreme Court of the Republic of Indonesia in the implementation of the “2004 Blueprint for the Development of a Commercial Court and establishment of an Anticorruption Court”. This project is designed to introduce reforms in these specialized courts, with emphasis on improving operational capacity, increasing government transparency, developing case management, facilitating public access to information, and promoting the overall USAID/Indonesia Economic Growth Strategy. A detailed assessment has already been completed, outlining necessary steps for improvement and reform of the Commercial and Anticorruption Courts. Crimson experts have worked in the areas of court administration and reform, to improve the functioning and accountability of court institutions.
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Competitive Enhancement and Enterprise Development (CEED) Project in Moldova
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CEED seeks to enhance the competitiveness of Moldovan private enterprises in the global market and to foster a supportive business environment that stimulates and rewards vibrant economic growth. CEED is working to develop key industry clusters of the Moldovan economy including wine, textiles/apparel, and information and communications technology (ICT).
Under CEED, Crimson experts work with five partner banks to introduce and implement innovative, working capital products such as Purchase Order Finance (POF) and to expand trade and investment opportunities in targeted clusters. To date, the five partner banks (Fincombank, Moldindconbank, Moldova Agroindbank, Banca Sociala and Eximbank) have made 38 POF loans totaling $5.5 million, and enabling more than $10 million in sales.
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Rural Competitiveness Activity (ARCo), Bolivia
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The main goal of the ARCo project is to strengthen the competitiveness of rural enterprises in the Chapare and Yungas regions of Bolivia, thus increasing sales, income and jobs in the licit economy. To increase economic viability, rural producers receive training and technical assistance on how to add value to their products, meet market-based demand, and strengthen relationships with processors and exporters.
Crimson advisers oversee the Financial Services Unit of ARCo, which works to open channels of finance for small and medium sized enterprises. Through a competitive process, Crimson’s team selected FIE, a leading Bolivian microcredit institution, to pilot new value chain finance products in the rural markets of Yungas and Chapare. FIE opened five new lending branches in Yungas and Chapare, which provide full banking services to communities. To date, this innovative program has issued over $17.4 million in loans to more than 4,000 clients. In addition, rural clients have opened more than 7,000 savings accounts with deposits totaling over US $4.5 million.
Under ARCo, Crimson advisers also worked to introduce a new type of business registration specifically designed for rural producer associations. The result: a simplified business registration process for rural producers associations, allowing them to legally register their businesses in just three days. Since this new type of business registration was introduced, more than 60 rural producer cooperative associations in Yungas and Chapare have legally registered their businesses and subsequently opened savings accounts totaling over $.5 million.
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Northeastern States Trade and Investment Creation Initiative, India
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| Asian Development Bank |
2005
- 2006
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The project was designed to support the development of the private sector in Northeastern India. Assistance focused on developing innovative approaches to greater economic integration of the region, developing global and intraregional transport, and increasing communications and information, trade and investment activities. Under the project, Crimson experts designed a finance facility to promote exports for private sector development.
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Cluster and Business Support in Kosovo (KCBS)
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Employing an integrated approach and cluster-based strategy, the Kosovo Cluster and Business Support project was designed to support value chains in targeted sectors (livestock, fruit and vegetables and construction materials) to stimulate employment, sales, finance and investment. The KCBS project was part of the SEGIR II Privatization IQC. Crimson contributed to the project under a subcontract to Chemonics International.
Through KCBS, Crimson advisors worked to improve access to finance for key industries. Specifically, Crimson:
- Supported the introduction of leasing and purchase order finance in the Kosovo market, including supporting the development of the Law on Leasing.
- Facilitated two new joint ventures totaling $6 million.
- Developed the DCA Agricultural Loan Portfolio Guarantee with Raiffeisen Bank, which got Raiffeisen to go into agricultural lending, hire and train specialized agricultural loan officers, and make loans throughout Kosovo to farmers and processors. As a result, the 10 million Euro DCA loan portfolio guarantee program for the agricultural sector issued through Raiffeisen Bank and was fully utilized in less than two years.
- Designed and implemented two Kosovo Finance Fairs, connecting more than 2,000 businesses with new credit opportunities.
Crimson experts also provided technical expertise to the construction and building materials sector to help increase the productivity and competitiveness of partner businesses throughout the project.
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Business and Market Expansion (BAMEX)
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BAMEX was designed to foster economic growth in Madagascar by promoting domestic and export trade and by increasing revenues generated from agricultural, gemstone and ecotourism products in a sustainable and environmentally friendly manner. Activities focused on enhancing the competitiveness of targeted sectors, improving the financial services market and developing an improved business regulatory environment. Crimson worked on BAMEX under a subcontract to Chemonics International.
Under BAMEX, Crimson’s primary role was to develop markets and build trade linkages for key industry sectors. Crimson professionals facilitated new export opportunities for Malagasy exporters, now able to reach major European buyers for products such as litchis and vanilla. Crimson’s experts coordinated visits of large-scale European importers to Madagascar, resulting in significant sales orders for two Malagasy exporters.
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Strengthening the Competitiveness of Private Enterprise in Uganda (SCOPE)
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The SCOPE project was designed to increase the competitiveness of targeted sub-sectors of Uganda’s economy and to improve Uganda’s position in local, regional, and international markets. The project facilitated the development of private sector-driven business strategies and worked to increase the capacity of private sector institutions to support competitiveness, structure a results-oriented, private-public competitive dialogue, and support the development of an enabling environment for broad-based economic growth. Crimson contributed to the project under a subcontract to Chemonics International.
Through SCOPE, Crimson advisors assisted four key agriculture sub-sectors – coffee, cotton, fish and floriculture – organize into clusters and develop industry-wide strategies to increase production, create jobs and boost export earnings. For example, Crimson’s advisers helped develop investments and sales the floriculture sector, with over 500,000 stems delivered to the US (see www.USAID.gov/press/releases/2006/pr060222.html). Crimson advisors brought together major players in the tourism industry to develop a comprehensive geotourism strategy designed to make Uganda the first African signatory to National Geographic’s Sustainable Destination Charter and double tourism revenue in 10 years and facilitated the development of a national brand – Uganda: Gifted by Nature – as well as Gifted by Nature Inc., a not-for-profit company formed to oversee the brand and promote Uganda in regional and international markets.
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Preparing the Market Access and Productivity Growth for the Private Sector Project in Nepal
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| Asian Development Bank |
2003
- 2004
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Technical assistance on this project included identifying and analyzing policy, legal and institutional constraints to private sector growth in Nepal and developing and implementing recommendations to help the private sector overcome identified constraints. Crimson experts designed and created a private sector fund to catalyze investment and growth opportunities in the Nepalese SME market. Crimson structured an innovative, 15 million USD financing vehicle that incorporates equity, quasi-equity and debt to maximize financing and investment opportunities for SMEs in Nepal.
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Colombia Forestry Development Program (CFDP)
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The goal of the CFDP project was to expand the production of marketable and profitable forest products and provide alternative sources of income for rural communities where forestry activities are centered. Assistance focused on connecting sustainable forest-product production chains to domestic and international markets. The project encompassed policy reform, capacity building, market generation activities, natural and plantation forestry management, the development of a Commercial Forestry Development Fund and exploration of new opportunities for trade and exports. Crimson contributed to the project under a subcontract to Chemonics International.
Through CFPD, Crimson provided technical assistance for co-investment fund activities, prepared forestry businesses for strategic investment and designed a forestry fund mechanism to stimulate investment in sawmill operations, including the selection, procurement, and installation of equipment and launch of operations. CFPD project activities benefited more than 3,600 families, created more than 200 jobs, initiated sustainable forestry management activities on 3,000 hectares and established 12 forestry enterprises.
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Mongolia Economic Policy Reform and Competitiveness (EPRC)
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The Economic Policy Reform and Competitiveness project was designed to accelerate and broaden sustainable economic growth in Mongolia’s private sector by invigorating the enabling environment and creating more competition within industries and sectors. The project harnessed consensus building, public education, energy sector support, policy assistance and cluster development.
Crimson supported the prime contractor, Chemonics International, by developing and supporting critical industrial sectors pursue growth, increased revenues and employment. Crimson professionals drafted the Concessions Law, which paves the way for privatization and foreign investment and guided interventions in housing finance policy. Crimson advisors also developed a package of recommendations to improve the logistics infrastructure at the Zamiin Uud border, supporting increased trade and transit.
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Armenia Micro Enterprise Development Initiative (MEDI)
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The Micro Enterprise Development Initiative was designed to strengthen the business and enabling environment for Armenian micro and small enterprises (MSEs) by increasing access to financial services, improving MSE capacity through sustainable Business Development Services (BDS), reforming the legal, regulatory and policy framework, and by enhancing trade and investment opportunities. Crimson contributed to MEDI under a subcontract to Chemonics International.
Through MEDI, Crimson advisors provided technical assistance and training to eight leading Armenian banks to introduce Purchase Order Financing (POF) and other types of trade finance to the Armenian MSME market. The results: 52 new trade finance loans (including POF) totaling $5.8 million. To widen the understanding and use of this type of financing, Crimson organized three MSME Finance Workshops with representatives of all leading Armenian banks and the Central Bank of Armenia. Crimson also organized a B2B meeting for Armenian and Georgian firms in the construction and building materials sectors, bringing together 70 firms and organizations to meet each other and conduct business from buying and selling products and services to developing partnerships.
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Paraguay Poverty Reduction Program
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The Paraguay Poverty Reduction Program took a demand-driven approach to stimulate economic growth and development in three key economic corridors of Paraguay. Crimson advisors worked with selected Paraguayan companies, assisting them to complete trade deals to export their products to European markets, including herbal teas, food products and textiles. Crimson contributed to the project under a subcontract to Chemonics International.
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Privatization and Restructuring of the Macedonia Electricity Company (Elektrostopantsvo na Makedonija ESM)
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| Government of Macedonia |
2002
- 2006
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Under this initiative, Crimson was the co-lead investment bank with the Meinl Bank Consortium (MBC), and advised the Government of Macedonia (GOM) on the unbundling, restructuring, and privatization of the vertically integrated electric power utility ESM.
The project targeted reform of the legal and policy framework for the energy sector and restructuring of the regional electricity market and worked towards compliance with the Athens Protocol. Program components included:
- Creating detailed restructuring plans
- Assuring due diligence in technical, commercial, financial, tax, and legal frameworks
- Delivering recommendations on the structure and regulation of the electricity market in line with European standards
- Preparing and implementing actual restructuring and privatization
Crimson assisted the GOM in obtaining a key $45 million USD pre-privatization investment from the EBRD for ESM and was a member of the government’s steering committee for the restructuring and privatization of the energy sector. On March 17, 2006, the GOM approved the sale of 90% of AD ESM, the Macedonian Electricity Distribution Company, to the Austrian utility EVN AG for €225 million, along with an investment commitment of €96 million. This sale represents a regional record price per distribution customer. European and Macedonian press and Transparency International praised the transaction as a successful model of privatization.
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Kosovo Business Support Program (KBS)
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KBS deployed technical assistance to Kosovar companies and agribusinesses to achieve viability and competitiveness by improving their operations, finance, marketing, and ability to attract financing. Developing sustainable local capacity for Business Development Services (BDS) and building new trade and investment linkages comprised Crimson’s major foci under this program.
Crimson put together 22 B2B meetings and 12 trade fairs with 893 Kosovar businesses attending, resulting in over €25 million from 712 new trade and investment transactions. Crimson’s long-term consultant managed the Northern Kosovo Office for better regional cooperation with Serbia, and its short-term consultants applied their talents to improve accounting/auditing training and certification, multiplying trade and investment in B2B relationships, and boosting the competitiveness of the textile sector. KBS collaborated with over 1000 SMEs and helped 718 of its participant firms to realize a 20% increase in sales. Operational profitability at 1,675 firms increased by 5% or more, with over 1,651 new jobs created.
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Macedonian Business Resource Center (MBRC)
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www.mbrc.com.mk
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USAID and Crimson Crimson established the MBRC to help Macedonian businesses streamline and strengthen their competitiveness, financial management, operations, service delivery, and marketing. The project enhanced local ability to export their products, raise capital and attract join venture partnerships.
Over 350 companies benefited from improvements and restructuring, and the MBRC trained 4,500 local managers, consultants, and government officials in 40 key subject areas. During the last three years of the project, MBRC facilitated over $95 million in trade and investment in more than 1,100 transactions. The MBRC also focused on capacity building, and incubated and spun out six independent, sustainable local entities which are now 100% self-supporting, including 4 consulting firms and 2 NGOs.
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USAID Restructuring Team to the Czech Ministry of Industry and Trade and to Komercni Banka
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The team, including Crimson experts, delivered training, technical restructuring assistance, and policy/legal advice to Czech companies, the Ministry of Industry and Trade, managers of select companies, and the Problem Loan Department of Komercni Banka, one of the largest commercial banks in CEE. The project concentrated on the areas of financial and operational restructuring, privatization, foreign investment, joint ventures, policies and procedures for strategic industries, and institutional strengthening. The team successfully restructured 12 of the largest and most important companies, doubling the expected benchmark of restructuring six companies.
Crimson parlayed its successful experience on this project into conducting a similar, intensive training program in privatization and restructuring for the Romanian Restructuring Agency.
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USAID Advisory Team to the Czech Ministries of Privatization, Industry and Trade and National Property Fund
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This team provided technical assistance, policy/legal advice, institutional assessments, and training for rapid market reform and independent, sustained capacity building to the Czech Government. The project accomplished dramatic changes in privatization policies, restructuring, foreign direct investment, environmental protection, remediation and indemnification, enabling legislation, training and institution building, and fairness and transparency.
Crimson’s privatization program in the Czech Republic is heralded as one of the most successful privatization programs anywhere. Crimson worked with 13 of the 20 largest employers in the country, 26 of the 50 largest companies, and all 16 regional electricity and natural gas distributors. The project catalyzed over 145 foreign investor privatization transactions, and contributed to the raising of over $5 billion in new foreign direct investment into Czech companies. In all, over 200 companies with assets over $10 billion successfully privatized.
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Uganda Support for Private Enterprise Expansion and Development (SPEED)
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SPEED provided technical assistance and training to increase the access of MSMEs to financing. Crimson took an active role in the assessment, design, and implementation of the program, and managed the Business Environment Component (legal, policy, and regulatory).
Crimson helped achieve significant improvements in the Land and Companies Registries (file archiving and establishing policies, procedures, and laws relating to company and land registries, including the complete rehabilitation of over 36,000 files). Crimson professionals upgraded the Center for Arbitration and Dispute Resolution (CADER), which has developed into a sustainable and profitable institution with a key role in reducing backlogs of court cases. Crimson also developed and completed extensive training of judges, lawyers and business people, and assisted successful efforts to amend the Leasing Law to allow for improved tax treatment permitting much more extensive use of leasing by MSMEs.
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