Loans with lower interest rates - Spaho: BoA program will help businesses implement their projects
Small and medium-sized businesses, which account for about 99% of total enterprises in Albania, are a key driver of employment and economic growth in the country.
Despite banks reporting an increase in lending to this sector over the last three years, World Bank data shows that Albania still ranks last in the region for bank lending to businesses.
Given the increased need for financing for businesses, the Bank of Albania has recently approved a lending program for micro, small and medium-sized businesses, which aims to offer them loans at very low interest rates. But how much will this program really help businesses and what other efforts can be undertaken to increase support for them?
According to Spaho, support for businesses must continue, in order to increase their competitiveness with European businesses.
The Bank of Albania program is expected to last for a period of 5 years and will support with loans mainly businesses that wish to make investments in technology.
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