TIRANA, April 11 /ATA/ – The Minister of Economy and Innovation, Blendi Gonxhja, said Thursday that a sovereign guarantee fund of four billion lek for Albania’s footwear and clothing industry will allow the sector fund more investment projects and create circulating capital.
“After continued discussion with the business, we approved the sovereign guarantee fund of four billion lek for the footwear and clothing industry. The package will cover around 70% of the bank loans due to be provided by the banking system. It will also allow the sector to fund investment projects and create working capital, covering around 30% of funding for the raw materials purchase,” Gonxhja said in a post on the social media.
He underlined that businesses in the footwear and clothing industry and processing sector will be able to apply for bank loans at favorable terms.
The footwear and clothing industry is accounted for a significant share of employment and Albania’s exports. The package is devised to improve access to finance and promote investments in improving technological processes, further enhance productivity and competitiveness of the sector.
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