EBRD and Albania announce plans for more support to local agribusiness

EBRD and Albania announce plans for more support to local agribusiness

Tirana, 3 August 2015/Independent Balkan News Agency

The European Bank for Reconstruction and Development (EBRD) and the Government of Albania have confirmed their intention to work together to improve access to finance for agri-businesses.

A Letter of Intent was signed today by EBRD Head of Tirana Office, Christoph Denk, and Minister of Agriculture, Rural Development and Water Resources Edmond Panariti. The signing constitutes an important step towards the launch of a new Agribusiness Support facility.

“Albania has great unrealised agribusiness potential. But fragmentation, informality and limited access to finance stand in the way of realizing this potential. Together with the Albanian authorities we are working on a new Albania Agribusiness Support Facility to ease access to finance for one of the most underserved segment of the real economy. EBRD plans to support local banks and financial institutions by providing credit lines or by sharing the risk of a loan portfolio in the agri-business sector. This will be supported by a first loss cover provided by the Government of Albania. The Letter of Intent affirms our desire to develop this product together” said Christoph Denk, EBRD’s Head of Office in Tirana.

Since the start of its operations in Albania, the EBRD has invested almost €1 billion in some 70 projects in various sectors of the economy. /ibna/