BKT borrows 20 million euros from EFSE

TIRANA, November 26, 2010 – The European Fund for Southeast Europe (EFSE) has provided a loan of EUR 20 million to Turkish-owned Banka Komb쵡re Tregtare (BKT), the second largest and the oldest commercial bank in Albania. The loan agreement signed last weekend will contribute to expanding the micro and small enterprise (MSE) lending operations of the Bank. It is the first loan agreement between EFSE and BKT. It addresses the lack of long-term credit available to MSEs in Albania, which are considered as the backbone of the country’s economic development.
“BKT plays a crucial role in Albania’s banking sector and sees a high potential in reaching micro and small enterprises who are a key driver for job creation and economic growth. That is why we consider this loan agreement especially important. We are confident that the business relationship with BKT will develop into a real partnership that will be mutually beneficial”, said Dr. Klaus Glaubitt, Chairman of the Board of Directors of EFSE. He added: “I am also pleased about the continued commitment of the Government of the Republic of Albania as the first government in Southeast Europe that has directly invested in EFSE. It underscores the confidence the Albanian Government places in EFSE as an effective vehicle for supporting sustainable economic development and prosperity in Albania.”
EFSE is one of the largest creditors of the Albanian MSE finance sector. It has offered a total of approximately EUR 40 million of funding to local financial institutions since its start of operations in Albania in 2007.