Albanian Development Bank expected to be established - Rama: Sovereign guarantee also for small and medium-sized businesses
Albania is collaborating with the Bank of Italy, Cassa Depositi e Prestiti, to establish an Albanian Development Bank, which will increase financing for various sectors of the economy, especially agriculture.
This information was announced by Prime Minister Rama in a post on social networks, who also emphasized that 250 million euros will be distributed to small and medium-sized enterprises in agriculture.
"We have just finished a meeting on two development issues, the first being the finalization of the draft law on the Albanian Development Bank, thanks to the collaboration with the prestigious Italian Cassa Depositi e Prestiti, a financial institution. We are ready to add this development engine to Albania at this new stage of the country."
The project is absolutely convincing and will be put to public consultation. The bank will be managed by an Albanian-Italian super team and will be closely assisted by partners from Cassa Depositi e Prestiti, to guarantee its independent and successful governance.
"Second, the Bank of Albania has just approved a new financing line for small and medium-sized enterprises, with a main focus on agriculture, 250 million euros. We have discussed supporting this financing line with sovereign guarantees from the government. This is the largest volume ever supported with soft loans."
Agriculture continues to be one of the least financed sectors in Albania. Data shows that commercial banks are more inclined to finance sectors such as tourism, energy and services, than agriculture.
The Albanian Agribusiness Council has previously called for the establishment of an investment bank for the agricultural sector and the food sector as a whole, where all incoming funds, grant funds, state funds, specialized and intended for agriculture, would be managed by this state bank.
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