Tirana, December 29, 2015
Micro lending institutions in Albania are becoming an important factor for the development of the agriculture sector, according to experts. Currently, these institutions are the main supporting financing institutions for farmers in rural areas of the country, based on statistics.
Which are the facilities these institutions provide to farmers?
- Easy and fast procedures for applying for loans
- Easy and fast procedures for receiving loans
These are the main elements that farmers are encouraged to receive loans in micro lending institutions rather than in private banks, also due to the fact that these institutions offer a range of financial services that private banks don’t.
According to a Bank of Albania’s report on these institutions, by the end of September of this year their lending portfolio reached the amount of ALL 4.8 billion, increasing by 5.2% in annual terms. By the end of the third quarter of 2015, the total amount of stocks of micro lending institutions increased by 3.6% compared to a year before, equal to ALL 6.7 billion.
News source/photo credits: ATA