TIRANA, December 1 /ATA/ The extractive and processing industry has recorded the highest credit growth during 2020.
According to data from the Bank of Albania, credit in this sector has increased by 194% compared to the first 9 months of 2019.
The growth of lending has a direct impact on the growth of investments, production and income. BoA statistics show that the extractive industry is also the sector with the largest inflow of foreign investment.
Investments in the extractive industry in the first quarter of this year, reached the value of 76 million euros, a figure 50% higher compared to the same period a year ago.
The finalization of some of the important projects in energy, has brought a change in the ranking, lowering energy in second place and climbing in first place the extractive industry, as the sector that brings high values of foreign investment mainly in crude oil production.
Albania is considered one of the richest countries in Europe in hydrocarbon reserves and the company SHELL is recently another major investment in the field of oil in our country.
While not lagging behind the positive performance is the copper processing industry.
According to statistics, the mining sector from year to year has increased its potential in the country’s economy, with a contribution that marked the level of over 3% in Gross Domestic Product (GDP).
Investments in increasing the use of new resources or new minerals, is one of the factors that has boosted the production and exports of this sector.
The production of this sector last year amounted to over 4,590,749 tons of minerals
Meanwhile, copper production for 2019 increased by 56% compared to the same period last year.
Albania is a country rich in various mineral resources. Discovering, exploiting and processing them is an important activity for the country’s economy. Traditionally, the mining and processing industry of minerals such as chromium, copper, iron, coal, has provided significant revenue. /j.p/p.s./
