47 SMEs benefit from Italian loans program

TIRANA, May 24 – Since 2009, the Italian Development Cooperation Credit Line has financed 47 small and medium enterprises’ (SME) investment projects, based on the purchase of Italian technology, with a total disbursement of about 11 million Euros. This was announced last week during a workshop addressed to local SMEs, associations, banks, as well as public and private stakeholders held in the city of Vlora, in southern Albania, by the General Consulate of Italy in Vlora and the Italian Development Co-operation in Albania. The Guarantee Fund, officially launched last April with the signature of the participation agreement by the Ministry of Economy, Trade and Energy (METE) and seven of the most important bank groups in Albania (BKT, Raffeisen Bank, Credins Bank, Veneto Bank, Tirana Bank, ICB, NBG), aims to further facilitate SMEs access to credit and their ability to develop profitable investments. These two financial tools are managed by 1.7 million Euros in technical assistance to the METE. The workshop was one of several initiatives that the Italian Development Co-operation has held in Vlora during the last year, demonstrating the importance of the region of Vlora in the regional and national economy. In its role as a main European donor for the development of the private sector in Albania, the Italian Development Co-operation actively promotes these workshops which create the opportunity to improve the context in which the private sector operates, and thus strengthen the development of local companies, increase their competitiveness in the European market, and sustain the integration process through the adoption of structural reforms that fulfill expansion demands. The partnership with the Chamber of Commerce of Vlora and the Local Economic Development Agency, Auleda– a professional non-governmental organization established in the framework of the UNDP/ArtGold 2– further highlights Italian commitment to the private sector and its support of Albanian institutions in the implementation of strategies in line with European recommendations and Albanian National Strategies. Italy remains Albania’s top trade partner with around 50 percent of total exports and 30 percent of imports. According to Italy’s Confindustria lobby group, some 300 Italian companies operate in Albania, mainly operating footwear and garment manufacturing.