The Municipality of Tirana, the Albanian-American Development Foundation (AADF), the Norwegian Investment Fund for Developing Countries (Norfund) and Crimson Capital Corp. (Crimson) signed a Memorandum of Understanding to establish a new non-bank financial institution, the Crimson Finance Fund Albania (CFF Albania). 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 to catalyze business growth and job creation. CFF Albania will provide short and medium term financing to Albanian businesses in all productive sectors to catalyze their growth.
CFF Albania is modeled on the highly successful Crimson Development Foundation in Macedonia (CDF) and Crimson Finance Fund in Kosovo (CFF Kosovo), but is tailored to the specific circumstances and requirements in Albania. CDF and CFF Kosovo have lent out more than $48 million USD to SMEs, entrepreneurs and farmers, increased sales and exports by over $300 million USD and created more than 6,200 new jobs.