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Crimson Capital Corp. (Crimson) is part of the Tetra Tech-led consortium recently awarded the Kosovo Property Governance Activity. Funded by the US Agency for International Development (USAID), the Property Governance Activity is a five-year activity designed to improve the property rights system in Kosovo in order to reduce corruption, increase women’s empowerment, and improve formal property rights and investments in real property. Crimson will support the Property Governance Activity by engaging the private sector to strengthen Kosovo’s property rights regime.
Crimson Capital Corp. (Crimson) is part of the IREX-led consortium recently awarded the Kosovo Private Sector-Led Workforce Development Activity (Kosovo WFD). Funded by the US Agency for International Development (USAID), Kosovo WFD is a five-year activity designed to harness the leadership of the private sector as a change agent to develop sustainable and innovative models to develop the Kosovo workforce and better align work skills and market needs. Crimson will contribute to WFD by advancing private sector leadership in collaboratively determining needs, designing, and financing tailored workforce solutions.
Crimson Capital Corp. (Crimson) is part of the Tetra Tech-led consortium recently awarded the Moldova Energy Security Activity (MESA) project. Funded by the US Agency for International Development (USAID), MESA is a four-year activity designed to strengthen Moldova’s energy security by: (1) advancing physical and market integration of the Moldovan energy sector with Europe; (2) increasing renewable energy integration; and (3) increasing investment in energy efficiency and domestic power generation, particularly through increased adoption of renewable energy technologies.
Crimson Capital Corp. is part of the IREX-led consortium awarded the USAID Serbia Media Innovation Activity (MIA) project. MIA is designed to improve the economic sustainability and business development of Serbian digital media, information, and communications sector stakeholders that support public access to fair, accurate, and relevant information.
On 23 of November, 2021, Crimson organized a National Gender Workshop in Belgrade, Serbia, as part of the EBRD-GCF Gender Action Plan for Serbia activity.
Dr. Zorana Mihajlović, Minister of the Ministry of Mining and Energy and President of the Coordination Body for Gender Equality, Republic of Serbia, opened the Workshop, followed by keynote speakers from the Government of Luxembourg, the European Bank for Reconstruction and Development (EBRD).
The Workshop presented an overview of the key findings of the gender baseline assessment and brought together key stakeholders to jointly discuss ways to facilitate mainstreaming of gender aspects into green financing in Serbia.
To watch the National Gender Workshop, please click here: https://youtu.be/J2BtROpfuIo?t=391.
To see an animated film on the intersection between gender and access to climate finance, click here: https://youtu.be/Dh10y7pRpEg.
Crimson Capital Corp. (Crimson) is part of the Tetra Tech-led consortium recently awarded the Kosovo Green Recovery and Opportunity Window (GROW). Funded by the Millennium Challenge Corporation (MCC), GROW is designed to accelerate business investments in renewable energy and energy efficiency. Crimson will contribute to GROW by leading financial and technical advisory support activities to businesses, banks and equipment vendors.
May 20, 2021 marked the launch of the Credit Guarantee Fund Support Program, in Podgorica, Montenegro. The Minister of Economic Development, Mr. Jakov Milatović, representatives of the EBRD and Crimson Capital launched initial preparations for the establishment of a Credit Guarantee Fund (CGF).
Minister Milatović stressed that the goal of the CGF is to help open up SMEs access to finance by reducing the perceived risk on the part of financial intuitions. He added he is very grateful to the EBRD, which, will help establish this institution in Montenegro. “Having in mind that this is the first time that such an institution is being established in Montenegro, your support and experience are valuable to us on this journey, and I am really looking forward to working with you and Crimson Capital to get the CGF up and running as soon as possible.”
Crimson has been contracted by the EBRD to support the Government of Montenegro in determining key specifications and requirements for a Credit Guarantee Fund (CGF), intended to be an independent, long-term and sustainable entity to improve access to finance for SMEs and underserved businesses.
To read the press release about the launch posted by the Ministry of Economic Development of Montenegro, click here.
In April, the Serbia Green Economy Financing Facility (GEFF Serbia Leasing) exceeded €15 million in green investments. Funded by the European Bank for Reconstruction and Development (EBRD), the Government of Luxembourg and the Green Climate Fund (GCF), Serbia GEFF is a €40 million on-lending facility, designed to support small and medium-sized enterprise (SME) investments in energy efficiency and renewable energy projects. GEFF Serbia Leasing was launched in January 2020 and is implemented by Crimson Capital as the Lead Consortium Partner, together with South East Europe Consultants and MF Strategy.
Serbia
The Crimson has been awarded the EBRD-GCF Gender Action Plan for Serbia contract. Funded by the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF), under this contract Crimson will design, implement, manage and lead gender mainstreaming activities into the Green Economy Financing Facility (GEFF) Serbia Leasing Programme. GEFF Serbia Leasing is a 40 million Euro on-lending facility, designed to support small and medium-sized enterprise (SME) investments in energy efficiency and renewable energy. GEFF Serbia Leasing is being launched as part of the GCF-GEFF Regional Framework, now active in ten countries.
Activities of the Gender Action Plan for Serbia contract include: developing a baseline assessment to increase the evidence-base and support the development, marketing/promotion/dissemination and, ultimately, uptake of climate finance; outreach activities and financial literacy capacity building assistance for both Partner Financial Institutions and SMEs; and a national workshop to multi-stakeholder groups.
The USAID-funded Regional Agricultural Development Program, East (RADP-E) in Afghanistan is a five-year project designed to support sustainable agriculture-led economic growth in eight target provinces of Eastern Afghanistan. Through RADP-E, in February, Crimson designed and implemented a training of trainers (ToT) course on Agricultural Value Chain Finance (AVCF), including the business case for AVCF; AVCF financial products and instruments; Risk Management; and Costs & Returns. Credit officers from 17 Partner Financial Institutions actively participated in the ToT program. Crimson also presented the business case for AVCF at RADP-E’s Value Chain Finance Workshop (February 19, 2021), which was designed for financial institutions with an interest in agricultural lending and rural finance.
Crimson’s support to RADP-E is provided under a subcontract to DAI.
On November 26, 2020, BAU held a promotional event for their first equity investment. BAU invested EUR 100,000 in Elevate Global, a startup in North Macedonia, which, using Artificial Intelligence (AI), provides data steaming analytics for autonomous prediction and anomaly detection for the Energy, Telecommunication and Manufacturing sectors. In addition to the investment, BAU will support Elevate Global in business development, and fundraising for additional investment rounds.
Business Accelerator UKIM (BAU) is a business-technology accelerator established to identify and support the growth of the most promising technology entrepreneurs and startups in North Macedonia. BAU was co-founded by the Crimson Development Foundation and is co-financed by the Fund for Innovation and Technology Development of North Macedonia.
August, 2020 Award of USAID-funded Sustainable Economic Growth in Bosnia and Herzegovina Project
Crimson Capital Corp. (Crimson) is part of the Chemonics-led consortium recently awarded the Sustainable Economic Growth in Bosnia and Herzegovina (SEGA) project. Funded by the US Agency for International Development (USAID), SEGA is a five-year activity designed to accelerate economic growth in the tourism sector, leading to more jobs and sustainable incomes for tourism-related companies and other associated sectors. Crimson will contribute to implementation of SEGA by supporting businesses access finance needed to grow their tourism-related businesses and infrastructure and by providing advisory services on the design of credit enhancement products.
In June, Crimson Capital’s Managing Director, Michael Gold, gave an interview to the USAID Economic Development, Governance and Enterprise Growth (EDGE) project, where he discussed the economic impacts of COVID-19 on the Western Balkan region. The focus of the interview is on how COVID-19 is affecting business operations in the countries in the region, and the implications for employment, revenue collection, debt and future economic development.
For full text of the interview, visit: https://medium.com/@edge/interview-with-michael-gold-managing-director-of-crimson-capital-on-the-impact-of-covid-19-on-ba52525236cc
Crimson Capital is part of the Abt-led consortium recently awarded a USAID Regional Integration and Stronger Economies (RISE) indefinite delivery, indefinite quantity (IDIQ) contract. RISE is a seven-year initiative, designed to develop stronger economies in the East Africa region through improved market systems, increased cross border trade, more competitive industries and a more market-oriented policy environment.