On June 21, 2018, the Governor of the Bank of Albania, Gent Sejko, held a meeting in the premises of the Bank of Albania with representatives of the European Fund for South East Europe (EFSE), headed by Mr. Christoph Tiskens, Chairman of the Board of this Fund.
The meeting was opened with a presentation by Governor Sejko on the latest economic and financial developments in the Albanian financial and banking sector, with a special emphasis on the Bank of Albania’s recent decision-making on inflation and exchange rate. The Governor said that the macroeconomic environment is estimated to be stable and the prospectuses point to maintaining the positive growth rate of the economy. He added that economic developments are optimistic, especially for the tourism sector, with emphasis on the potential that this sector has in the future.
Regarding the financial developments in the country, the Governor underlined that the Albanian banking system appears with good financial indicators, is capitalized, liquid and financially healthy.
For his part, Mr. Tiskens said he appreciates the Bank of Albania’s continued support over the years for any initiative undertaken by EFSE. Albania, as one of EFSE’s first shareholdings, with a significant contribution over the years in the activity of this fund, occupies an important place in the optics of this institution. The development of the EFSE Board of Directors meeting in Albania is a proof of this assessment. He shared the same optimistic stance for the current stage of economic and financial development of the South Eastern European region, where Albania is part. Particular emphasis was placed on economic revival of the moment as well as improved access of enterprises and individuals to financial services.
With regard to the prospect of cooperation between the two institutions, the interlocutors shared the view that more work needs to be done to improve access to finance for the small enterprise sector. For this purpose, EFSE is committed to providing its support both in funds and knowledge, so that the costs associated with lending to this segment will be reduced.
Regarding this topic, Governor Sejko added that productivity growth, especially for smaller firms, is very important for the country’s economic convergence. Fulfillment of investment capital needs remains a major challenge for small producers, as they have little or no credit history in the financial system.
For this reason, micro data analyzes have become the subject of discussion in the activities and conferences organized by the Bank of Albania to understand the needs of small businesses and how they can be helped to improve infrastructure in order to increase the involvement of their financial future. In this regard, the Governor said that the Bank of Albania welcomes EFSE’s contribution to reducing the costs for allocating funds to these enterprises.
In conclusion, Governor Sejko thanked EFSE for its contribution through continued financial support and expertise provided for financial market development not only in our country, but throughout the region.
News Source: Bank of Albania