The European Bank for Reconstruction and Development (EBRD) announced on Friday that it will provide a loan of up to 2 million euros (2.11 million U.S. dollars) to Union Bank in Albania. The purpose of this loan is to support the financing of the agribusiness and tourism sectors within the country, as stated by the EBRD.
According to the EBRD, this investment will have a positive impact on the two sectors, which currently lack sufficient funding but are crucial to Albania’s economic development.
Union Bank is now the seventh financial institution in Albania to partner with the EBRD’s Albania Agribusiness and Tourism Support Facility (AATSF). The AATSF is a financial instrument aimed at assisting commercial banks in providing loans to small and medium-sized enterprises (SMEs) operating in the agribusiness and tourism sectors.
To date, the EBRD’s AATSF has allocated approximately 180 million euros in credit lines and risk-sharing facilities to partner banks in Albania since its launch in 2016. These partner banks have subsequently on-lent over 110 million euros to more than 6,200 local agribusiness and tourism SMEs.
It is important to note that 1 euro is equivalent to 1.056 U.S. dollars.
Credit: The Star : News Feed
