TIRANA, Jan 17 /ATA/ The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) joined forces to promote small businesses in Albania through a partnership with Union Bank and other donors. Consequently, the parties signed a financial package of 5 million euros at the House of Europe in Tirana.
The package was signed by Ekaterina Solovova, EBRD Director in Albania, and Flutura Veipi, CEO of Union Bank, in the presence of the EU Ambassador, Silvio Gonzato.
The 5 million euro financial package from the EBRD will be disbursed through Union Bank to small and medium-sized enterprises (SMEs) in Albania under two programs.
The “Become Digital” program will support the digitalization and modernization of SMEs, as well as encourage green investments.
The “Youth in Business” program aims to increase access to finance for small businesses owned or led by young entrepreneurs.
During the signing ceremony of the package, the EBRD Director in Albania, Ekaterina Solovova, expressed pride in strengthening support for small businesses in Albania, a cornerstone of the local economy, through this partnership with Union Bank.
“These agreements reflect the EBRD’s forward-thinking approach to empowering youth and driving the digital transformation of the private sector,” she added.
Both programs are funded by the EU. Under the “Become Digital” program, SMEs will receive EU-funded grant incentives of up to 10% of the loan amount, making their investments more affordable.
Under the “Youth in Business” program, the EU will provide funding to cover the first loss risk (FLRC) of up to 10% of the loan amount. The funding is channeled through the European Fund for Sustainable Development Plus (EFSD+), marking the first time EFSD+ has supported a project in the Western Balkans.
Meanwhile, the EU Ambassador in Tirana, Silvio Gonzato, stated, “We are proud to provide funding through the EBRD and Union Bank to facilitate access to finance for SMEs in Albania.”
/sm/
