The Black Sea Trade and Development Bank (BSTDB) and Besa Foundation signed here on Wednesday an agreement to grant 6 million euros (around 8.33 million U.S. dollars) in loans to boost Albanian agriculture and agribusiness, according to Albanian Telegraphic Agency.
Albanian Minister of Agriculture Edmond Panariti said the loan is granted to the Besa Foundation, a renowned urban microfinance institution in Albania. And it will be distributed in the form of micro-credits to support small- and medium-sized enterprises.
Albanian leadership attaches great importance to agriculture development, as the sector makes a significant contribution to the country’s GDP. The government’s 2014 budget has allocated 71 percent more funds than the previous year for its agricultural programs.
Statistics showed that in the first five months of this year, Albania’s exports in vegetables and fruit increased by 28 percent over the same previous period.
The BSTDB, headquartered in Thessaloniki, Greece, is an international financial institution established in 1997.