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The EBRD, government of Albania and six financial institutions have signed a memorandum of understanding (MoU) to support the country’s agribusiness sector.
The Albania Agribusiness Support Facility will benefit from €36 million ($39.6 million), made available by the Albania government over three years as well as up to €100 million in funding and risk sharing facilities provided by the EBRD.
These funds will facilitate lending to local agribusinesses by the participating financial institutions of up to €180 million, increasing to a potential €300 million in loans to the sector in foreign and local currency, including other complementary initiatives.
Banks that have signed up to the programme include Raiffeisen Bank of Albania, Intesa Sanpaolo Bank Albania, Societe Generale Albania and ProCredit Bank Albania. Two micro-finance institutions – Fondi Besa and NOA – have also agreed to participate. Other banks are expected to join the facility in future.