TIRANA, Dec. 3 – London-based European Bank for Reconstruction and Development is supporting the development of women entrepreneurship in Albania with a €2 million senior loan to Intesa Sanpaolo Banka Albania, one of the leading banks in the country.
The loan is being extended under the EBRD’s €20 million Western Balkans “Women in Business” -programme for on-lending to women-led small and medium-sized enterprises in Albania.
Women-run enterprises have increased by only 4.5 percentage points during the past eight years accounting for slightly more than a quarter of total registered businesses in Albania. Women ran 32,000 or 28.5 percent of active enterprises in Albania in 2014, mostly operating in the trade sector, according to state statistical institute, INSTAT.
“The EBRD Women in Business’-programme helps address the challenges female entrepreneurs face when running a business such as access to finance or technical expertise. Empowering women helps build an inclusive society, which is key to achieving sustainable economic growth,” said Phil Bennett, the EBRD First Vice President.
Silvio Pedrazzi, the CEO of Intesa Bank in Albania said women entrepreneurs in Albania face many challenges. “We are here to support them in accessing finance and advice they need to grow their businesses. We were the first to jump on board with this programme to build sustainable financial products crafted for female entrepreneurs.”
The EBRD’s “Women in Business” -programme is focused on improving access to finance and advice for women-led SMEs. Credit lines are extended to partner banks for on-lending. Advisory services are offered alongside mentoring and longer-term coaching to provide women entrepreneurs with the knowledge and confidence to take the next step.
Since the start of its operations in Albania, the EBRD has invested almost €1 billion in some 70 projects in various sectors of the country’s economy.
