On Tuesday, October 13, the Minister of Agriculture Edmond Panariti and the EBRD Director for Albania Kristof Denk held a meeting regarding the implementation of the newest EBRD project in the agriculture field in Albania. The project will provide loans to farmers at an amount of EUR 100 million, in order to boost the development of agriculture in the country.
The European Bank for Reconstruction and Development will serve as a catalyst of in this project by sharing risks with private banks which will provide loans for Albanian farmers. The EBRD Director for Albania Kristof Denk presented to the Minister the draft contract between the EBRD and the Ministry of Agriculture, which provides details regarding the implementation of this financing project.
The EBRD’s role will be the covering of initial losses and the reduction of banks ‘s risks in financing farmers. The Albanian government, on the other hand, will engage in managing the guarantee funds in order to inject them in the agricultural production, agro processing and in the improvement of infrastructure in this sector.
News source/photo credits: ATA