€10 million in Support to Albanian Startups

€10 million in Support to Albanian Startups

TIRANA, January 19

Once the bill ‘On startups support and development, gets adopted by the Parliament, Albanian authorities will provide Euro 10 million over the next four years towards supporting startups and innovation ecosystems. The latter still lack proper legal regulation, but thanks to the ‘pressure’ from the European Commissions, as stated on its 2021 country report (page 95), authorities have drafted a bill that hopefully will get the green light soon. So far, the number of events on startups has been way higher compared to the actual number of successful startups in Albania.
According to the bill’s docs, the budget will be allocated annually as financial support for startups and payment for an ad-hoc committee of five that will select the winning startups.
The new draft law is expected to stimulate new business and entrepreneurship in tourism, ICT, agriculture, handicrafts, and every sector that provides jobs opportunities. In the long term, the law could help curb youth emigration, prevent and revert brain drain, and attract investments.

Source: kuvend.al

Photo by Slidebean on Unsplash

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