The USAID-funded Kyrgyzstan Local Development Program (KLDP) was
designed to stimulate rapid, diversified, and sustainable economic
growth by supporting local economic development in Kyrgyzstan. KLDP
assistance focused on improving tax administration, simplifying the
licensing regime, facilitating trade, and streamlining customs.
Under a subcontract to Chemonics International (Chemonics), Crimson
worked to support increased access to finance for small and medium-sized
enterprises (SMEs), by working with four selected financial partner
institutions to support the development and launch of innovative working
capital finance products. Crimson assisted these partner banks in their
product structuring; reviewed and made recommendations on credit and
risk management policies and procedures, loan and pledge agreements,
credit pricing, loan approval process, credit committee structure, loan
administration and loan monitoring; supported the banks in marketing new
products to SMEs; and provided hands-on training in transaction
structuring. In under a year, partner banks made over $1 million in
loans to SME as a direct result of Crimson’s assistance, resulting in
the creation of more than 100 new jobs (seasonal and full time) and over
$15 million in new, incremental sales and exports. As part of KLDP,
Crimson experts also developed recommendations for the National Bank of
the Kyrgyz Republic on reforming specific sections of prudential
regulations on asset classifications and collateral requirements, in
order to promote easier access to finance.
Azerbaijan Private Sector Competitiveness Enhancement Program (PSCEP)
USAID
2008
- 2010
The Private Sector Competitiveness Enhancement
Program (PSCEP) was 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. Crimson Capital
supported PSCEP project by working to improve SME access to finance
under a subcontract to Chemonics International.
Through PSCEP, Crimson worked with targeted partner banks and financial
institutions to introduce Purchase Order Finance (POF); to expand the
use of Letters of Credit, Letters of Guarantee and Documentary
Collection; and to expand the use and availability of leasing in the
Azeri market. By the successful close out of technical assistance, and
in less than two years, Crimson assistance resulted in over $52 million
in SME finance issued by PSCEP partner banks, supporting over $32
million in sales and exports and creating more than 139 new jobs,
including 54 jobs for women.
