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| Crimson Capital Selected Projects - Latin America
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Promoting Integrated Development (PID) in Peru
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PID is an alternative development program designed to engage new areas that are ripe for post eradication programs along with deepening involvement in communities that agreed to voluntary eradication by consolidating gains through furthering economic development, building social capital and strengthening local governance. PID will also provide assistance to select new communities following forced eradication in San Martín, Huánuco and Ucayali departments of Peru. The PID team will have a strong and direct hands-on involvement in post eradication and will continue to rely on producer associations and municipal governments to implement program consolidation activities. Crimson Capital is a subcontractor to Chemonics International on this activity and will be implementing the finance component of the program to increase and improve access to finance in the program’s targeted areas through the introduction of new products, value chain finance and a range of training and technical assistance to local lenders.
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El Salvador Financial Services for SMEs Program
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The objective of this project is to enable no less than nine FIs to expand lending and other financial services to underserved markets and introduce viable loan products that better serve SMEs’ financing needs. Of the nine organizations, two are commercial banks currently working with USAID under the Development Credit Authority, and two are Non-Banking Financial Institutions (NBFIs) that will become regulated institutions within the first two years of implementation.
In addition to the work of the resident Chief of Party, Crimson Capital is providing short term expertise to help partner institutions to develop new working capital finance and leasing products to better reach the SME clients. Crimson’s experts have already completed an analysis of potential products that partner banks could employ to address market gaps and has begun implementing a pilot purchase order financing program with local banks.
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Rural Competitiveness Activity (ARCo), Bolivia
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ARCo seeks to stimulate alternative development activities in two key Bolivian regions, the Yungas and Chapare. Program components include:
- Strengthening sector and firm level competitiveness through technical assistance and development of market opportunities and increased investment in targeted regions
- Policy and legal reform to lift key constraints on regional and national economic growth
- Improvement of infrastructure and public services
Crimson is leading the finance component of the project by broadening access to financing for rural producers. Crimson has completed a supply-side analysis of the financial sector and is developing integrated financing mechanisms for targeted value chains in order to increase demand for products and the competitiveness of rural actors. Through a competitive process, Crimson’s team has selected FIE, a leading Bolivian NBFI to develop new value chain financing products in the Yungas and Chapare. FIE has opened 5 new lending branches in these regions, providing full banking services to communities which will provide much needed financing to stimulate licit economic activities in these regions.
This value chain finance program has produced a more than $5 million in total credit to more than 1,000 clients, including 252 value chain finance details worth $912,000 to help rural farmers and businesses become more competitive. Through technical assistance and training from Crimson Capital, FIE has completed the first formal purchase order financing loans in Bolivia for export oriented associates and cooperatives, totaling more than $200,000. This program has also provided an avenue for rural producers to open up more than 2,700 savings accounts and has pushed a reduction in interest rates in the regions substantially through increased competition.
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Colombia Forestry Development Program (CFDP)
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CFDP’s goals are to increase income and employment in rural areas, strengthen the competitiveness of the forestry sector, and to improve the technical capacity of rural economic alternatives that are both economically and environmentally sustainable. The project encompasses an array of activities, such as policy reform issues, capacity building and 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 is supporting the prime contractor, Chemonics International, with technical assistance for co-investment fund activities, revitalization and preparation of forestry businesses for strategic investment, design of a forest fund mechanism to stimulate investment and development of sawmill operations, including the selection, procurement, and installation of equipment and launch of operations.
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Paraguay Poverty Reduction Program
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Crimson is a subcontractor to Chemonics International on this three-year project, taking a demand-driven approach to stimulate economic growth and development in three key economic corridors of Paraguay. Crimson helped select Paraguayan companies to export their products to European markets, including herbal teas, food products and textiles. Crimson completed export deals for a Paraguayan herbal tea company to introduce its products to the European market.
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