BSTDB Expands Support for Microfinance in Albania
Press Release | 21-Mar-2019
The Black Sea Trade and Development Bank (BSTDB) provided its third Micro-SME Facility to the Albanian Fondi BESA Sh.A for the amount of EUR 10 million. The three-year loan will contribute to the institutional development of Fondi BESA resulting in further business growth and improved liquidity and client service. In turn, this will promote job creation and income generation with a positive impact on poverty alleviation in Albania, a member country of BSTDB.
The new facility brings the total amount provided by BSTDB to Fondi BESA to EUR 21 million. The previous two successfully utilized facilities were provided in 2014 and 2016.
Signing the loan agreement, BSTDB President Dmitry Pankin said: “We are pleased to enhance our partnership with Fondi BESA, which has proved to be a reliable partner and market leader in Albania. Our long-term cooperation demonstrates BSTDB’s commitment to supporting the country’s economic development, where small and micro-sized businesses play an increasingly important role. Therefore, facilitating microfinance will remain our strategic priority in Albania in the years to come."
Whereas, Prof. Ass. Dr. Bajram Muçaj, CEO of Fondi BESA Sh.A said: “We highly appreciate the cooperation with Black Sea Trade and Development Bank and its continuous support that will help Fondi BESA fulfill its mission of contributing to the country economic growth, reduction of poverty in urban and semi-urban areas through the funding of micro, small and medium sized enterprises and in job creation in Albania. This agreement is an expression of consolidation and long-term cooperation between Fondi BESA Sh.A and BSTDB.”
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Established in 1994, Fondi Besa Sh.A is a market leader institution of Albanian microfinance and has consolidated its activity and presence through a network of 80 offices all over Albania. The company has more 33,000 active clients and with a loan portfolio of over 95 million EUR. Its mission is to help the economic growth and poverty reduction in urban and semi-urban areas of Albania by promoting micro, small and medium enterprises through the creation of a private micro-financial Albanian fund which is self-sustainable. Clients of the Fund include people from all socio-economic layers, including unemployed and start-up businesses. Fondi BESA provides all kinds of lending, including consumer and mortgage loans. It has clear and ambitious plans to expand in the years to come with other financial products and services.
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
Twitter: @BSTDB