Crimson Boosts SME Access to Finance in Azerbaijan
Through the USAID-funded Private Sector Competitiveness Enhancement Program (PSCEP), Crimson is working with targeted partner banks and financial institutions to introduce Purchase Order Finance (POF); to expand and improve 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. The overall goal of the PSCEP project is 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 supports the PSCEP project under a contract to Chemonics International.
As of November 2009 (less than a year into the project) over $4.5 million in new POF loans had been issued by PSCEP partner banks to Azeri SMEs. These loans supported more than $32 million in sales and exports and created 139 new jobs, including 54 jobs for women.