CFFA AT A GLANCE
Crimson Finance Fund Albania (CFFA) is a non-bank financial institution licensed by the Bank of Albania on October 2nd, 2015 under the License Nr. 34. CFFA’s mission is to increase the access to finance for the Albanian micro, small and medium-sized enterprises that are underserved by the local financial market, towards a sustainable economic environment.
CFFA aims to assist and finance projects in this segment of the private sector which, not only does not have sufficient access to the amounts and types of finance it needs to grow and create jobs, but even when available, lending is often overpriced, mismatched in purpose, type, tenor and required collateral.
The added value that CFFA seeks to convey in the Albanian market relies on two financial products with unexploited potential in our country (factoring and financial leasing), offered against affordable and highly competitive prices for this market segment.
Crimson Finance Fund Albania aims to be part of the development of its partners – manufacturers, distributors or service providers –micro, small and medium-sized enterprises, providing them with an innovative range of products and services tailored to their needs. We have categorized these needsinto three main pillars:
The initiative of establishing Crimson Finance Fund Albania comes as a result of the collaboration of four partners/shareholders, whose development mission is reflected in our daily virtues and work:
Albanian-American Development Foundation
Since 1995, AADF has been an undisputed promoter in the development of the private sector in Albania. Through the Albanian-American Enterprise Fund (AAEF), there has been a direct investment of $109 million in 77 investments in 40 companies. Over 7,000 new jobs have been created and over $2 billion has been contributed to Albania’s GDP by current and former portfolio companies.
Municipality of Tirana
The Municipality of Tirana has made a capital contribution to this project with the purpose of boosting the development of micro, small and medium-sized enterprises in Tirana and the implementation of numerous projects through CFFA’s innovative financial products. The Municipality of Tirana has enthusiastically supported this initiative since its inception and today plays an important role in supporting our vision.
Crimson Capital corp.
Established in 1991, Crimson Capital is considered as an important actor supporting emerging markets across the five continents. It has supported with over 7 billion USD in the form of loans, equity investments or foreign direct investment thousands of businesses in the emerging and developing countries. Crimson Capital is present in the region since 2003 through its offices in Kosovo and Macedonia.
The Norwegian Investment Fund for Developing Countries (Norfund) was mandated by the Norwegian Parliament in 1997 with the purpose of improving the private sector activities in these countries and the fight against poverty. Norfund invests in the renewable energy sector, financial institutions, agribusiness, and mostly small and medium-sized companies. With a wholly state-owned capital controlled by the Norwegian Ministry of Foreign Affairs, it manages today a portfolio of 1.7 billion USD.