European Bank for Reconstruction and Development announced the allocation of the first 6 ml EUR syndicated loan to Albania, aimed at supporting the private sector initiatives. The EBRD loan given to Fondi Besa, will finance local SME’s.
Tony Myron, EBRD Senior Banker for the Western Balkans, Belarus, Moldova and Ukraine, declared in a press conference that the institution he represents is pleased to support Fondi Besa in its activities. The allocation of this loan shows, according to Myron, the positive developments of Albania in the financial sector.
Fondi Besa is a non-bank microfinance lender, which commenced operations in 1994 as part of the Albanian Development Fund, a state agency funded by the World Bank, created to support entrepreneurs who have limited access to finance. The loan will help in the implementation of several investments and will increase the access of Albanian entrepreneurs to foreign capital.
Since its first presence in Albania, EBRD has invested circa 795 ml EUR in 66 different projects. EBRD has always shown its willingness to assist Albanian in the further development of local businesses and the improvement of the financial infrastructure in country.
News source: ATA
Photo credits: Pixabay / niekverlaan
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