Albania increases share capital in EBRD

TIRANA, May 31 – Albania has increased its authorized share capital in the European Bank for Reconstruction and Development (EBRD), which is one of the country’s main financiers, by 9 million Euros. The decision was taken on Tuesday by majority members of the economic parliamentary committee. Albania joined the bank in December 1991 with a capital subscription of 21 million Euros. London-based EBRD is owned by 61 countries, the European Union and the European Investment Bank. Since its establishment in 1991, the EBRD has become the largest financial investor in the region of operations which stretches from central Europe and the Western Balkans to central Asia. EBRD is one of the most active private-sector financiers in Albania with a recent focus on small production enterprises, development of natural resources, as well as improvement of the infrastructure. To date EBRD has invested 120 million Euros for the modernization of transport infrastructure in Albania. Overall it has committed around 550 million Euros in various sectors of the country’s economy, mobilizing additional investments of close to 1 billion Euros.