BSTDB Starts Cooperation with Microfinance Lender NOA in Albania
Press Release | 30-Jul-2018
The Black Sea Trade and Development Bank (BSTDB) is providing a €2 million loan to NOA, a leading microfinance institution in Albania. The BSTDB financing will help increase the volume and variety of lending products and services available to Albanian micro-, small- and medium-sized enterprises (MSMEs) for the creation, modernization, expansion and diversification of industrial, agricultural and service-related facilities in the country.
“Supporting micro and small business development is our priority as a development bank. We are happy to start partnership with NOA, our newest financial intermediary, to jointly improve access to finance in Albania. We hope our cooperation will benefit the Albanian economy in many years ahead,” said Dmitry Pankin, BSTDB President after the signing of the agreement.
Herjola Spahiu, Chief Executive Officer of NOA sh.a. stated that: “To empower Albanian families and businesses, which is our company’s mission, can only be possible through the valuable support of and continuous cooperation with key strategic partners like Black Sea Trade & Development Bank. We are happy to establish such an important relationship and commit to being a leader in contributing to financial inclusion in Albania.”
BSTDB is supporting financial intermediation in the banking sector, focusing on non-bank financial institutions. NOA is the second Albanian microfinance organization receiving BSTDB’s financing.
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NOA sh.a. provides a significant contribution to the development of small and medium size enterprises in Albania, through financial and educational support to their businesses. It is one of the most innovative microfinance institutions in Albania, whose business model, products, professional staff, high processing efficiency through fast & easy approval procedure, has led to a high-quality and growing credit portfolio composed by diversified enterprises operating in different sectors of economy: agriculture, agritourism, trade and services, production and manufacturing, etc.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org