1 million euro loan to Landeslease to support real economy
TIRANA, April 22 – The European Bank for Reconstruction and Development (EBRD) is supporting the development of the leasing sector in Albania with a 1 million euro loan to Landeslease, which will be used by the company to expand its services to small and medium-sized enterprises (SMEs).
At a time when businesses continue to face limited access to financing mechanisms, leasing serves as an alternative funding source for the development of SMEs, which is critical to the structural transformation of the economy. The leasing sector in Albania is still in the early stages of development, representing just one per cent of the country’s GDP, said the EBRD in a statement.
Established in 2005, Landeslease is the first independent leasing company in Albania. The company is focusing primarily on small and medium-sized companies and has a proven track record in the leasing of vehicles, equipment and machinery.
The EBRD credit line will help Landeslease diversify its funding base and will support the company in its drive to provide more affordable financing tools to the SMEs in Albania. The project will also serve as a positive example to new leasing companies considering entering the Albanian market, boosting the development of the leasing sector.
“Through this transaction the EBRD is helping Landeslease to expand its leasing portfolio and to improve the access to finance for small-medium sized companies in Albania,” said Daniel Berg, Head of the EBRD Office in Tirana.
“The financial support provided by EBRD was made possible by the good performance of Landeslease, and gives us a strong incentive to continue our development strategy aimed at providing financing solutions to meet the needs of small and medium businesses in Albania” said Altin Saliasi, the CEO of Landeslease.
Since the beginning of its operations in Albania the EBRD has invested over 550 million euros in various sectors of the country’s economy, mobilising additional investments of more than 1 billion euros.
