PRESS RELEASE
Governor Sejko meets with the EBRD President Chakrabarti

The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti visited Albania on 26 July 2016. During the visit, President Chakrabarti had several high-level meetings with the principal authorities of Albania.

The meeting with the Governor of the Bank of Albania, Gent Sejko, at the premises of the Bank of Albania, was also attended by senior representatives of the EBRD .

Governor Sejko noted the excellent cooperation with the EBRD, which has served as a coherent roadmap for the agenda of Albania's development.  

Furthermore, the Governor presented the EBRD President with the latest economic and financial developments in Albania. In particular, Governor Sejko focused on the treatment of the major challenges facing the Albanian economy, the macroeconomic policy framework and the structural reforms that contribute to promoting economic growth, improving the business climate and attracting foreign investments in Albania.

Governor Sejko pointed out that Albania's economic growth is on a positive trajectory and economic growth and the major economic balances are expected to improve in the years ahead.

He added that the banking system has sound financial indicators and underlined that the treatment of non-performing loans (NPLs) has been one of the major efforts of the Bank of Albania. A well-thought plan of action for reducing NPLs has been designed including a series of legal, fiscal and regulatory improvements. The implementation of this plan has helped decrease the NPL level to 18.2 %, at the end of 2015.

Governor Sejko and President Chakrabarti also discussed on lending promotion and relevant measures as well as the supporting accommodative monetary policy stance, which has contributed to lowering the credit price across all the segments of the financial market in Albania.

On his part, the EBRD President commended the Bank of Albania for its policies, with regard to safeguarding the macroeconomic stability and the continued consolidation of the financial system in Albania. Additionally, he stated that the EBRD will continue to contribute in Albania through projects in agribusiness, infrastructure, energy, etc. with a view to developing the private and the public sectors. He affirmed the commitment to working together with the Bank of Albania on reinforcing the financial sector by supporting the banking system through credit lines and other facilities.

Concluding, Governor Sejko thanked the EBRD for the valuable contribution and the concrete support with financial investments in key areas of the economy and invited it to continue considering the potential and the opportunities the Albanian economy offers.