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BKT borrows EUR 20 million from EFSE to boost small business finance in Albania

29. November 2010. | 08:12

Source: Emg.rs

The European Fund for Southeast Europe (EFSE) has provided a loan of EUR 20 million to Banka Kombëtare Tregtare (BKT), the second largest and the oldest commercial bank in Albania.

The European Fund for Southeast Europe (EFSE) has provided a loan of EUR 20 million to Banka Kombëtare Tregtare (BKT), the second largest and the oldest commercial bank in Albania.

The loan agreement signed today will contribute to expanding the micro and small enterprise (MSE) lending operations of the Bank. It is the first loan agreement between EFSE and BKT.

It addresses the lack of long-term credit available to MSEs in Albania, which are considered as the backbone of the country’s economic development.

“BKT plays a crucial role in Albania’s banking sector and sees a high potential in reaching micro and small enterprises who are a key driver for job creation and economic growth. That is why we consider this loan agreement especially important. We are confident that the business relationship with BKT will develop into a real partnership that will be mutually beneficial”, said Dr. Klaus Glaubitt, Chairman of the Board of Directors of EFSE.

He added: “I am also pleased about the continued commitment of the Government of the Republic of Albania as the first government in Southeast Europe that has directly invested in EFSE. It underscores the confidence the Albanian Government places in EFSE as an effective vehicle for supporting sustainable economic development and prosperity in Albania.”

“We are happy to start cooperation with EFSE, the most prestigious fund in lending to micro, small and medium-sized businesses” said Seyhan Pencapligil, CEO and Board Member of BKT. The signing is yet another indication of our commitment to making Banka Kombëtare Tregtare the most active commercial bank in small business lending. Such commitment is further evidenced by the opening today of our forth unit in Shkodra, which is located in the city’s small business area.”

EFSE is one of the largest creditors of the Albanian MSE finance sector. It has offered a total of approximately EUR 40 million of funding to local financial institutions since its start of operations in Albania in 2007. These partner lending institutions have on-lent the funds received from EFSE in the form of more than 8,500 business and housing loans to local MSEs and private households.

EFSE’s support to the Albanian financial sector does not only include financial investments, but also technical assistance, consulting and training offered to partner lending institutions with the aim of increasing the outreach to its target group.

EFSE’s work is also increasingly being recognized internationally: In November 2010 the Fund has been selected by the Group of 20 (G-20) as the winner of the “G-20 SME Finance Challenge” competition, acknowledging the Fund as the best worldwide model of catalyzing finance for small and medium enterprises.


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29. November - 05. December 2010.