REGIONS Africa Asia Caucasus and Balkans Central Asia Latin America and Caribbean North America Russia and Eastern Europe

CAUCASUS AND BALKANS

Republic of Georgia
Georgia Enterprise Support Program (GESP)

Sibley was the lead firm in this comprehensive nationwide project designed to offer an integrated package of interventions targeted at the primary constraints of enterprise development in Georgia. The GESP design proposed a multi-dimensional approach to addressing these constraints, incorporating five key components: improving the legal and regulatory environment; developing the professional capacity and technical capabilities of Georgian consulting groups; developing the regional economy outside of the capital Tbilisi; providing enterprises access to credit by developing a network of credit unions; and conducting a public education program to increase the understanding of the importance of private businesses in economic growth.

Under difficult conditions, GESP made important contributions to improving the performance of the private sector in the Georgian economy. The USAID-funded GESP implemented by Sibley and its partners established core business functions -- accounting, marketing, decision-making and good corporate governance – in multiple enterprises and business support organizations to help Georgia's economy grow.

Republic of Georgia
Georgia Enterprise Accounting Reform (GEAR) Project

This project was designed to be all encompassing accounting reform program. The project objective was to strengthen business enterprises through accounting reforms that including the adoption of the International Accounting Standards (IAS).

Sibley International managed a large team of accounting professionals that provided financial management, advice and training to several hundred micro, small and medium enterprise owners and managers. The Sibley Team, in conjunction with Georgia's Minister of Finance Office, introduced accounting reforms, completed hands-on enterprise-level assistance in conversion techniques for Georgian firms, initiated educational reforms and offered professional training. The Sibley team also created a progressive legal and regulatory framework intended to foster the creation of self-regulatory bodies that would further the growth of the accounting industry. All of these efforts helped increase user awareness of, and capacity for, utilization of accounting information during this three-year program that is regarded by USAID/Georgia as one of its "flagship" efforts.

Republic of Armenia
Armenia Enterprise Accounting Reform (AEAR) Project

Following the success of the Georgian accounting reform project, Sibley International managed a consortium that dramatically changed financial management and dialogue practices in Armenia's emerging market economy. The team converted Armenia's then current accounting and auditing systems into market oriented accounting for enterprise managers, financial sector professionals, and other institutions. Sibley worked directly with the Ministry of Finance and Parliament to develop and adopt International Accounting Standards (15 core standards within 5 months) as well as International Standards for Auditing as a major component of market and economic reform. The project merged two associations into a new entity, the Association of Accountants and Auditors of Armenia (AAAA), and eased the devolution of authority to this self-regulatory organization. Sibley professionals developed a comprehensive training program based on internationally recognized ACCA syllabus for international and national certification, as well as licensing. They used the ACCA model in order to reform the educational curriculum in the training of future accountants. Sustainability was ensured by transferred skill-sets and know-how to local Armenian auditing companies and enhancing the growth potential for Armenian accounting services through the incorporation of public awareness tools.

Azerbaijan
Accounting Training

Under a USAID-sponsored initiative with the Academy for Educational Development, Sibley International implemented a comprehensive accounting training program in Azerbaijan. Through an Azeri accounting association, Sibley trained accountants in Generally Accepted Accounting Principles (GAAP) and ACCA-based accounting.

Bosnia
Reconstruction Finance Facility

Sibley supported the revitalization of the Bosnian banking system and the private sector in this USAID SME financing initiative. Implemented with the Barents Group, this project strengthened local bank loan origination, credit analysis, and loan administration skills with the goal of improving SME access to credit in Bosnia. The large number of borrowers and difficult economic climate required creative approaches to managing arrears. The project incorporated unique environmental impact assessments to the loan appraisal process.

To date, the project has managed over 250 basic environmental audits for SMEs in sectors from forestry/wood products to metal fabrication and plastics. The project also provided training for all stakeholders, including those in the financial sector, government officials, and enterprise owners and managers. A monitoring process was developed and implemented to track the environmental and economic impact.