TIRANA, May 28 /ATA/ Albania has undertaken a number of reforms to reduce administrative barriers and improve the business environment in recent years, reforms which have increased the business ability to borrow.
The Business Development and Investment Strategy (BDIS) for the period 2021-2027 published for public consultation by the Ministry of Finance and Economy assesses that a competitive economy, driven by innovation and based on knowledge, which creates new and more qualitative jobs with emphasis on sustainable development, European and regional integration, is the vision of the Albanian government.
The strategy shows that progress has been made towards increasing access to credit and strengthening insolvency resolution procedures thanks to the reforms undertaken.
Credit to businesses continues to follow an upward trajectory, underpinned by lending in lek to businesses and investment loan. The annual growth rate during the first quarter was 8.2%, about 1.1% higher than in the previous quarter.
The Bank of Albania estimates that the construction and industry have dominated the growth of business credit in the first quarter of 2021, followed by manufacturing sector.
/j.p/r.e/sm/
