PROJECTS IN ALBANIA | CRIMSON CAPITAL CORP.

Albania Crimson Finance Fund

AADF, NORFUND, City of Tirana, Crimson Capital

2015 - Ongoing

Crimson designed and operationalized the Crimson Finance Fund Albania (CFF Albania), a non-bank financial institution, established in partnership with the Norwegian Investment Fund for Developing Countries (NORFUND), the Albanian American Development Foundation, the City of Tirana, and the Inpulse Impact Fund of Belgium. CFF Albania is designed to improve access to finance for underserved small and medium enterprises (SMEs), entrepreneurs, innovators, women-owned businesses and farmers in Albania in order to catalyze business growth and job creation. CFF Albania provides loans, factoring and leasing of productive equipment to Albanian businesses in all productive sectors. CFF Albania opened its doors for business in March 2016.

To download CFF Albania’s 2023 Impact Report, click here.
To visit CFF Albania’s website, click here: https://cffa.al/en/

Albanian Renewable Energy Association (AREA)

Norwegian Ministry of Foreign Affairs

2012 - 2014

With funding from the Norwegian Ministry of Foreign Affairs and in partnership with ICT Norway and INTPOW-Norwegian Renewable Energy Partners, Crimson supported the establishment of the Albanian Renewable Energy Association (AREA). The goal of AREA is to become the leading advocate and promoter of the renewable energy sector in Albania by facilitating foreign and domestic investments, improving the business environment, developing new business opportunities for its members, and promoting implementation of international best practices within the energy and renewable energy sectors.

Crimson provided technical assistance and project management support to AREA in developing its organizational structure and capacity, governing procedures and bylaws, program activities and work plans, and by providing support in networking and promotional activities targeting new members and partners. Crimson also supported AREA by providing comments to the newly proposed Law on Energy, and to the amendment to the Law on Renewable Energy. Crimson and AREA jointly supported the organization of a number of important events and workshops, including the Energy Market and Infrastructure Towards Integration: 3rd EU Energy Package - Implications for the Albanian Energy Sector Development Conference in Tirana, Albania.

AREA was launched in February 2013 and currently has 40 members with a portfolio of investments of more than EUR 200 million and installed power capacity of 195 MW. AREA has effectively became the representative of the renewable energy sector to the Ministry of Energy and Mining of Albania, and other parliamentary committees in charge of developing laws regarding the energy sector in Albania.

Albanian Information Technology Association (AITA)

Norwegian Ministry of Foreign Affairs

2012 - 2013

With funding from the Norwegian Ministry of Foreign Affairs and in partnership with ICT Norway, Crimson supported the development of the Albanian Information Technology Association (AITA), helping AITA become a leading force in innovation, technology and competitiveness in the ICT sector and across Albania’s entire economy.

Crimson provided technical assistance and project management support to AITA in developing its organizational structure, including support in reviewing and developing bylaws, hiring staff and establishing its office and operating procedures, and developing revenue generating activities that allowed AITA to become a self-sustainable and effective industry association for the ICT sector of Albania.

With Crimson’s assistance, AITA implemented numerous activities to promote its member companies, and the overall ICT sector of Albania. AITA also developed professional trainings and workshops designed to increase the competitiveness of its members. AITA organized and supported numerous regional business to business (B2B) events that helped stimulate businesses between ICT companies in Albania and other countries from the region and beyond. These include, among others, the ICT B2B event for Kosovo and Albania; the organization of ICT Days (conference in ICT for all stakeholders from Macedonia, Kosovo, and Albania); the Israeli - Albanian Business Forum; and the 1st International Business Forum (matchmaking event for companies from Israel, Macedonia, Albania, Kosovo, and Bosnia and Herzegovina).

With Crimson’s support, AITA has been able to establish itself as one of the main stakeholders and advocates of the ICT sector of Albania. Currently, AITA has 42 company members and is the leading voice in promotion of the ICT sector of Albania, both domestically and internationally.