TIRANA, June 11/ATA/ The Governor of the Bank of Albania Gent Sejko welcomed the agreement signed by the European Bank for Reconstruction and Development (EBRD) with the Deposit Insurance Agency (ASD), for the provision of a credit line of 100 million Euros, which will affect improvement of stability of the banking sector in the country and the security of customers.
The governor said that the Albanian financial system is liquid and well-capitalized, however increasing the capacity of insurance schemes is an added value, allowing increasing the level of protection of depositors. He assessed this line of credit as an added security mechanism for the financial and banking system in the country.
Governor Sejko expressed thanks to the EBRD for the important contribution and concrete support with financial investments in key areas of our country’s economy and invited it to continue to evaluate the potentials that Albania offers, according to a press release.
ASD was established in 2002 as an independent public institution. Its mission is to protect individual depositors and pay for secured deposits in the event of bank failure, with a comprehensive objective to increase the stability of the banking and financial system in Albania.
The EBRD has supported the institution with funding and technical assistance for the first time in 2013. It is a leading institutional investor, with over 1.5 billion Euros invested in 112 projects in our country.
The loan fully guaranteed by the Albanian Government will provide the necessary liquidity to address the potential consequences of the COVID-19 pandemic on the economy. Funds will be available, if the need arises, to compensate depositors secured by ASD and to maintain the confidence of clients of private and commercial banks. /j.p/p.s./
