"Pensioners' access to finance increases" - Minister Ibrahimaj: Textiles, another sector that will be supported by the Development Bank
In addition to agriculture, textiles are another sector that will be supported with financing from the Development Bank. The Parliamentary Committee on Productive Activities, Trade and Environment discussed and approved the draft law on the Development Bank, which aims to promote the country's economic development by facilitating access to finance for underfunded sectors.
The Minister of State for Entrepreneurship and Business Climate, Delina Ibrahimaj, emphasized that in addition to supporting the private sector with loans, another benefit from the Development Bank is increasing access to finance for pensioners and students from deposits through the Albanian Post.
"The bank aims to finance the private sector with loans, that is, enterprises and not individuals. Individuals will have easier access to financing through savings products, deposits. So, target groups that do not have savings, deposits, such as pensioners and students, will have more access to finance through the Development Bank.
Agriculture will be a sector that will be supported, but also textiles. Textile producers have previously been supported with temporary sovereign guarantees. The Development Bank will provide them with a permanent guarantee.
The Development Bank has two columns, one for promotional activities and one for commercial activities (it will offer instruments to citizens). The Bank's branches will be the Albanian Post Office points.”
During her speech, Ibrahimaj also focused on the criteria that agricultural businesses must meet to benefit from loans with low interest rates.
Experience in other countries has shown that the Development Bank will also assist in the effective absorption and distribution of European Union funds.
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