TIRANA, Jan 24 /ATA/ – Germany Embassy in Tirana said it will continue providing financial support to small businesses in Albania as the country advances on the path toward European Union membership.
In a statement on Saturday, the German Embassy said it has supported the development and growth of small and medium-sized enterprises (SMEs) in Albania for more than a decade.
A key pillar of that support has been funding from Germany’s development bank KfW to the Albanian Development Guarantee Fund (ADGF), amounting to more than 40 million euros. Over its first decade of operation, the fund has facilitated more than 33,000 loans for entrepreneurs, the Embassy said.
According to the statement, the guarantees have enabled financial injections into businesses that might otherwise not have been able to secure financing, helping to foster innovation, growth and improved competitiveness. The support has also contributed to economic transformation in rural areas and encouraged greater environmental protection.
“We are pleased that the European Union, as a co-founder of ADGF, will further strengthen its engagement in the future, allowing many more businesses to benefit from credit guarantees,” the Embassy said in a post on social media.
The initiative also aims to help Albanian SMEs prepare for the requirements of the EU single market, the statement added.
/e.i/j.p/u.sh/
