PRESS RELEASE
Governor Sejko meets the President of the EBRD, Ms Odile Renaud-Basso, and welcomes the agreement between the European Bank for Reconstruction and Development with ProCredit Bank

On 11 April 2022, the Governor of the Bank of Albania, Mr Gent Sejko, received at the Bank of Albania, the President of the European Bank for Reconstruction and Development (EBRD), Ms Odile Renaud-Basso, Mr Matteo Colangeli, Director for the Western Balkans, Ms Ekaterina Solovova, Head of Albania for the European Bank for Reconstruction and Development, and other representatives of the EBRD. 

This is the first visit of the President of the EBRD after taking office and takes place in the framework of the support that this institution provides to Albania, especially for the development of renewable energy and tourism, as well as in agriculture sectors in Albania, together with the EU, and other partners.

At the beginning, Governor Sejko presented an overview on the main economic and financial developments in Albania in the last years, and highlighted that notwithstanding the shocks from the earthquake and the pandemic, coupled with the heightened uncertainties and the various challenges, Albania recorded an economic recovery. In this regard, the coordination among the main authorities and the various implemented measures which helped to overcome this situation with as few negative effects as possible and not to affect the long-term development of the country played a special role.

Next, Mr Sejko addressed the expected effects of the Russia-Ukraine war on the Albanian economy and the challenges it faces in the conditions of a global situation with high prices. The Bank of Albania has reacted immediately through the monetary policy instrument to preserve price stability in Albania, - the main objective of the Bank of Albania- as well as to minimize the consequences that the price shock may have on: the cost of living; the exchange rate; and the soundness of the banking sector; in the medium and long term.

Also, discussions focused on the policies undertaken by the Bank of Albania in the fields of: de-euroisation: reduction of non-performing loans; and digitalisation of payment systems.  All these policies aim to: increase the effectiveness of monetary policy; strengthen the banking sector's capacity to lend to the economy; and increase the efficiency of payment systems in the service of citizens and businesses, also to the further formalization of the economy. 

Another point of discussion was the financing difficulties encountered by companies operating in the field of agribusiness and tourism, which, for the most part, are organized as small and medium-sized enterprises. On the other hand, it is evidenced the great potential of these companies as: value creators; promoters of employment; and as a source of innovation. The interlocutors concurred that all these are important ingredients for a successful recipe for the sustainable development of the Albanian economy.

Further, Governor Sejko expressed his gratitude to the EBRD President for the important contribution and the support this institution provides continuously to the Bank of Albania, recently in the banking supervision field, though the technical assistance related to the self-assessment of compliance with the European Union standards.

The EBRD President praised the cooperation with the Bank of Albania, and in particular with the banking system in the country, bringing to life very successful projects with added value for Albania. The EBRD will continue to be a key partner and provide support in crucial areas of the country's economy.

After the meeting, in the presence of the media, the signing ceremony of the agreement between the European Bank for Reconstruction and Development and ProCredit Bank was organized at the premises of the Bank of Albania, on the use of the risk-sharing facility under the Albania Agribusiness and Tourism Support Facility (AATSF).

The ceremony started with the greeting speeches by: Governor  Sejko; the EBRD President, Ms Odile Renaud-Basso; the Minister of Agriculture and Rural Development, Ms Frida Krifca; Minister of Tourism and Environment, Ms Mirela Kumbaro;  Chargé d'Affaires of the EU Delegation  to Albania, Mr  Alexis Hupin; members of ProCredit Bank Management Board, Mr  Mirsad Haliti and Mr Diamant Ibrahimi.

In his welcoming speech, Governor Sejko expressed his consideration regarding the signing of this agreement, which not only enables the availability of funds, but also increases the analytical, evaluation and further financing capacity of the banking sector. He added that both real sector and the banking industry should consider any effort to increase access to finance as a common opportunity for growth.

The Governor said that: “The guarantee and risk-sharing facilities ease the burden on banks in terms of risk, and further support to pave the way towards the sustainable financing to these sectors.

Governor Sejko highlighted that the Bank of Albania encourages the banking industry for a greater, though prudent, commitment in increasing access to finance to potential sectors of the country.

Concluding the Governor thanked the international partners, the EBRD and the EU, for their concrete support with financial investments in vital areas of the economy. “Thanks to this support we are able to achieve a sustainable development results and build on a real difference in people's lives”. – commented the Governor.