LIGJET E BIZNESIT
Within the next year, the new window for financing and saving will also be the ‘Albanian Development Bank,’ a joint-stock company with 51% state-owned capital. In the latest meeting of the Economy Committee for this parliamentary legislature, the draft law for the establishment of the development bank was reviewed.
“Small and medium-sized enterprises have limited access to financing. The creation of the Albanian Development Bank represents a key step in creating a sustainable mechanism for financing the strategic sectors of the economy. The main goal of the bank is to increase access to finance for under-financed sectors by supporting the development of infrastructure, small and medium enterprises, exports, and strategic projects with economic impact,” said Delina Ibrahimaj, Minister of State for Entrepreneurship and Business Climate.
The focus of this financial institution will be on providing credit for under-financed sectors, such as agriculture, small and medium businesses, start-ups, manufacturing enterprises, or projects important for economic development. Credit will also be given to citizens who are currently under-financed. Although in principle the opposition sees the opening of this bank as a “good move,” they voted against it, with arguments listed by the Democratic MP Jorida Tabaku.
“It is an additional tool in the hands of the government, which will be used like the strategic investments law, like the investment corporation, etc. In fact, PPPs with no feasibility will be financed,” said Tabaku.
The bank’s initial capital will be 10 billion lek, and the credit offered to both citizens and businesses will have soft conditions and interest rates. Another responsibility of the bank will be the collection of savings only from citizens, not businesses, with interests that will not compete with commercial banks. This draft law passed on Wednesday in all parliamentary committees and is expected to receive final approval in the plenary session on Monday, March 17.
