PRESS RELEASE
Governor Sejko receives representatives of the European Bank for Reconstruction and Development

Today, on 25 March 2024, the Governor of the Bank of Albania, Mr Gent Sejko received representatives of the European Bank for Reconstruction and Development (EBRD) chaired by Mr Piotr Jacek Szpunar, Regional Director for Poland, Bulgaria and Albania, as well as Ms Ekaterina Solovova, Head of Albania for the European Bank for Reconstruction and Development (EBRD). The meeting was also attended by other representatives of the Bank of Albania.

Governor Sejko valued the excellent relations of our country with the EBRD and thanked its representatives for the valuable contribution they have given to Albania, as one of the most important investors. Very important projects for the banking system have been achieved thanks to this contribution. Mr Sejko expressed his gratitude to the contribution and the support that the EBRD provides continuously to the Bank of Albania, recently in the banking supervision field, through the technical assistance related to the self-assessment of compliance with the European Union standards.

Next, Governor Sejko presented an overview on the main economic and financial developments in Albania in recent years, and highlighted that despite the shocks arising from the earthquake and the pandemic, the heightened uncertainties and the various challenges, Albania has recorded a quite swiftly economic recovery.

In this regard, the coordination among the main authorities and the various 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, have played a special role.

Governor emphasised that inflation has been the focus of the Bank of Albania's and that the monetary and economic policies implemented have helped to maintain a relatively low inflation rate compared to regional countries and reduce uncertainty. These policies followed by the Bank of Albania have played an important role in strengthening the monetary and financial stability of the country. 

In this the meeting, the EBRD representatives reaffirmed the support that this institution will continue to provide 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. A very good example is the green economy financing facility, through which the EBRD has supported bank lending to the residential sector for investments in regard to improving the energy efficiency.

They also focused on the role that the Bank of Albania has as the Resolution Authority, describing it as one of the most advanced in the Western Balkans.

They also stated that the strengthening trend of the exchange rate is in line with the structural improvements in the external balances of the Albanian economy. In this context, they pointed out the benefits that the Albanian economy has from the free-floating exchange rate regime.

The representatives of the EBRD commended the cooperation with the Bank of Albania, as a serious partner that has provided added value for the successful implementation of their projects in the banking field and expressed their willingness to continue cooperation in areas such as banking supervision, resolution and monetary operations.