TIRANA, May 13/ATA/ Minister of Finance Ervin Mete stated today that Albania is in a favorable position to meet the ambition of expanding access to finance and to strengthen the role of the banking sector in the development of the private sector in the country.
During the speech held at the 25th anniversary of the Albanian Association of Banks, Mete said that now there is required a greater commitment of the banking sector in terms of lending and supporting the economy, while he said that therefore the Ministry of Finance is discussing a plan jointly with the Bank of Albania.
“There are 4 directions that require the advancement of our joint efforts and a wider involvement of the banking sector. First, this sector should be even more active in terms of lending and further supporting the development of the economy. Second, special attention should be paid to the most efficient allocation of funds, to the most productive sectors of the economy. Thirdly, in parallel with the increase in lending and the improvement of the allocation of funds, more must be done in terms of increasing the financial inclusion of the population. And last, but not least, innovation, digitization and further modernization of services; as we live in the World of Fintech and artificial intelligence, must remain a priority of the banking sector,” said Finance Minister Mete.
The minister emphasized that the banking system in Albania has made considerable progress in recent years. An expression of this consolidation has been the successful coping with the successive shocks of recent years, with the earthquake, the pandemic and recently the effects of geopolitical developments and inflationary situations.
Minister Mete also said that the Growth Plan, approved by the European Council and which is expected to begin implementation through an ambitious reform plan, will serve as an impetus for accelerating the integration process, bringing to the countries of the region some of the benefits of membership before entering the EU, as is the case of Albania’s possible membership in the Single Euro Payments Area, with significant benefits and a reduction in the costs of banking transactions./p.s./
