• A Successful Meeting with the Minister of Finance and Economy, Mrs.Denaj and the Italian Ambassador Mr.Cutillo for the Development of Italian-Albanian SME Financing Program

    Shpërndaje në:

    Today, on June 26, 2019, was organized with the participation of the Minister of Finance and Economy, Mrs.Aila Denaj, the Ambassador of Italy in Albania, Mr. Alberto CUTILLO, Italian Cooperation, Italian Trade and Investment Agency (ICE), Confidustria Albania, The Albanian Development Investment Agency (AIDA), a round table on "The Italian-Albanian SME Development Program in Albania". The Italian - Albanian Bilateral Agreement of Cooperation provides for the use of financial and non-financial instruments through the Programme for Development of the Albanian Private Sector, aimed at supporting the development of small and medium enterprises in Albania (SMEs), through interventions aimed the creation of favorable conditions for facilitating access to banking credit, in order to improve technology and to strengthen their competitiveness on the local and international market through technological innovation and improvement of production standards. The Programme is financed in two phases:The first phase of PRODAPS programme includes two important financial facilities (components of soft loans): i) the revolving Credit Line, amounting to 25 million Euro ii) the Guarantee Fund, amounting to 2.5 million Euro; and iii) the Technical Assistance component with a 1.7 million Euro grant. The second phase of IASME programme is a follow-up of the first phase of the programme and includes: i) Credit Line refunding with an additional fund of 11 million Euro, ii) increasing the financial capacity of the Guarantee Fund from the first phase of PRODAPS with 2.5 more million Euro and iii) a component of 1.5 million Euro to fund all the Technical Assistance activities. The specific objective of the Programme is to improve the relationship of trust between Albanian SMEs and the local banking system, while giving access to credit as a functional tool to facilitate the widespread growth of entrepreneurship, the creation of new businesses and to encourage innovation process and product, also aims to support the adoption of practices related to corporate social responsibility, while encouraging the functional aggregations between SMEs. At present, 129 credits have been disbursed in different sectors such as: processing and food production, construction, ICT, transport etc. with total value 27.2 Mil Euro. After a 10-year work of the Program, its partners thought to hold a round table with the aim of developing the program's vision in line with the current needs of SMEs, the evolution of the financial market, with the aim of increasing investments, exports and employment . This meeting highlighted the potential boost to improve the performance of the Information and Accessibility Program through the promotion of financial instruments and support programs available to the Albanian private sector, aiming at creating a communication space between venture-seeking entrepreneurs and banks; public actors that can respond financially to this demand, thus reducing costs and time to find the most appropriate funding line for Albanian entrepreneur projects.