250 million euros for business - Ibrahimaj: Promoting investment and employment
The Minister of Economy and Innovation, Delina Ibrahimaj, stated today that the memorandum signed between the government and commercial banks aims to support economic development and increase access to financing for Albanian businesses. In a meeting with representatives of the government and the banking sector, with the participation of Prime Minister Edi Rama, Ibrahimaj emphasized the importance of this instrument for the country's economy.
"Today's meeting, where we gathered with representatives of the government and commercial banks, focuses on the signing of an important memorandum, which is related to the economic development of the country and the support we want to give to business to develop," said Ibrahimaj. She underlined that Albania has registered a stable economic growth in recent years.
“Albania has recorded stable economic growth at 3.5-4% and is the country in the Western Balkans with the fastest economic growth,” the minister declared. According to her, the government’s objective is for this growth to continue and accelerate through supporting the private sector and increasing investments. “Our goal is for this growth to continue and increase, by supporting the private sector and promoting investments,” she said.
Ibrahimaj also highlighted the potential that the European Union integration process offers for Albanian businesses. "Today we have great potential from the EU membership process and the creation of conditions for Albanian business to adapt to the EU market with over 450 million inhabitants. This is a great opportunity, but it is also accompanied by challenges in achieving standards and increasing exports," she said.
Speaking about the memorandum, the minister announced that it foresees the creation of a financial instrument to support businesses. “The aim of the memorandum is to build a credit instrument, supported by the Bank of Albania with a liquidity of 250 million euros, which will be made available through the banking sector to Albanian businesses, with lower interest rates,” said Ibrahimaj.
She added that the scheme will also be supported by the Ministry of Finance through a sovereign guarantee. “This financial instrument will be supported by the Ministry of Finance with a sovereign guarantee, which will enable businesses to obtain loans with coverage of up to 70% of the collateral,” she said.
According to Ibrahimaj, this mechanism aims to include various sectors of the economy, including agriculture and small and medium-sized enterprises. “This support will boost investment in assets and help Albanian businesses achieve the standards required to be competitive in international markets,” the minister concluded.
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