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EU and EBRD support small businesses in Albania
Small and medium-sized enterprises (SMEs) in Albania are set to benefit from new financing provided by the European Bank for Reconstruction and Development (EBRD), co-financed by incentive grants from the European Union.
The bank is extending a €3 million loan to ProCredit Bank in Albania and the EU is providing €450,000 in incentive grants to support local enterprise investment aimed at boosting competitiveness. More than half of the total loan amount will finance investments in green technology and energy efficiency.
The loan will improve the availability of funding for SMEs and support them as they face rising costs in the current economic environment. SMEs will be able to apply for funds to invest in an upgrade or extension of their production facilities, new equipment and operations. Enterprises will also have the opportunity to invest in achieving EU standards in the fields of environmental protection, worker safety and product quality and safety, helping them become more competitive.
Participating SMEs are eligible for a grant incentive equivalent to 15% of the loan amount.
Source: EBRD
Photo credits: EBRD
