As part of the USAID-funded Competitiveness and Trade Expansion Program (COMPETE) in East and Central Africa, Crimson experts will work with selected financial institution partners to introduce purchase order finance (POF) to the regional market. POF is a type of trade finance that provides short-term working capital to businesses based on a verified purchase order or contract. It is one of the single most effective financial instruments for rapidly increasing competitiveness, sales and employment.
The COMPETE project issued a tender inviting financial institutions to submit expressions of interest (EOIs) to participate in the regional POF program and four financial institutions submitted EOIs by the March 18 deadline. Winners will be selected and announced in April.