Minister of Economic Development, Trade and Entrepreneurship, Arben Ahmetaj, made an appeal to all private banks in country to increase lending for businesses and entrepreneurship while attending the inauguration ceremony of a second tier bank branch in Tirana.
Ahmetaj declared that now is the right moment for financial institutions in Albania to increase their activity but this must be reflected in the increase of lending level for businesses and consumers. Loaning has become a very important issue in Albania which is being discussed lately, since banks deterred their lending capacities after the increase of outstanding loans. Ahmetaj highlighted the importance of lending for businesses as catalysis of the economic development. The bank system in our country, he added, reflects liquidity and is well capitalized and this is being confirmed by the opening of new bank branches and the expansion of banks’ activities in several cities across the country.
The inauguration ceremony was attended also by the Minister of Social Welfare and Youth, Erion Veliaj which evaluated the positive role of banks in the employment growth, considering the bank system as an example of success even at economic crisis times. In turn, the Italian ambassador to Albania Massimo Gaiani said that the increase of banks’ activity shows the enhancement of trade exchanges between Albania and other countries, and banks are a very important factor that supports businesses.
The number of second tier banks has increased dramatically in the last decade, since Albania has applied many reforms to ease bureaucratic barriers for foreign investors. Most of these banks are of foreign ownership, mostly Italian and Greek investments.
News source/photo credits: ATA