PRESS RELEASE
Governor Sejko meets the World Bank delegation

On 28 January 2025, the Governor of the Albania, Mr Gent Sejko, met with a World Bank Group team in the framework of the Financial Development and Sustainability Program, led by Ms Rekha Reddy, in her new role as Project Manager.

Discussions in this meeting focused mainly on the continuation of the World Bank’s cooperation and technical assistance programs with the Bank of Albania.

First, Governor Sejko, presented an overview on the economic and financial developments in Albania and thanked the World Bank for its contribution through various assistance programs, initially on the field of supervision and later expanding on resolution, payment systems, financial inclusion of population and the assessment of the impact of climate change.

The World Bank's assistance in these areas has included the adaptation of the regulatory framework, as well as its practical implementation. 

The representatives from the WB assessed positively the so far successful cooperation with the BoA, and expressed their willingness to expand it to other aspects of aforementioned fields. In this view, the interlocutors addressed  the impact that the transition to the IFRS9 standard will bring on the way banks will assess credit risk, and the need this transition  endorses the relevant regulatory amendments regarding credit risk management.

In this context it is necessary to make required amendments to the regulation on credit risk management. Governor Sejko highlighted that expanding collaboration on the above-stated areas will be useful. The regulatory and supervisory framework of the Bank of Albania, - also thanks to the cooperation with the World Bank-, has been continuously improving. “Currently, we are at the stage where the quality of this framework will be evaluated by the relevant structures of the European Union, as part of the equivalence process, and the expectations of the Bank of Albania are positive.”- said Governor Sejko.

He also added that the analysis of the advantages and risks associated with the digitalization processes of the financial system, and more generally, the legal and regulatory changes that will take place within the framework of the European integration process, in the field of financial services, would also be of interest for cooperation between the parties. The World Bank representatives stated they readiness for cooperation on these issues. They also offered assistance in regard to the data generation and processing, providing opportunities for more focused analysis in certain matters, such as access to financing for small and medium-sized enterprises.

At the end of the meeting, the counter parties once again expressed their mutual appreciation for the cooperation between the two institutions and their willingness to expand it. The Governor congratulated Ms. Reddy on her new job position.