The establishment of SMEs in Albania will be easier than ever through the new program launched by the Tirana Municipality in cooperation with the Norfund, Albanian American Development Fund and Crimson Capital Fund.
The $5.2 million worth fund will finance and support financially SMEs oriented to the employment and the improvement of women and youth lives, set as prior criteria for all the applicants.
The fund was announced by the Mayor of Tirana Municipality Lulezim Basha in a joint press appearance with the president of the Albanian American Development Fund Michael Granoff. The funding project’s goals are the boost of employment and the economic development in the city of Tirana which numbers circa 1 million residents.
Small and medium sized existing companies or new companies that will be financed by this fund are those which have no access to private banks’ loans since they cannot provide the required amount of the collateral.
Apart from this, another important project that will be financially supported by the Albanian American Foundation of Enterprises is the reconstruction of the New Bazaar area in Tirana capital, which is expected to transform into a modern infrastructural model for the entire region.
The project has been compiled and its worth is estimated to be about EUR 6 million, and will be co-financed by the Tirana Municipality at a value of EUR 3 million.
Lulezim Basha, Mayor of Tirana Municipality declared that “for the first time in Albania and in Balkans a municipality will dedicate its funds to the economic development of the city through loans with terms in favor to new small and medium sized businesses.”
The president of the Albanian American Development Fund was of the opinion that this will be a successful model.
News source/photo credits: ATA