TIRANA (Albania), June 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it has approved a senior unsecured loan of up to 3 million euro ($3.2 million) to ProCredit Bank Albania to support local small and medium-sized enterprises (SMEs) in improving their competitiveness.
The funding would be on-lent to SMEs for investments to upgrade production facilities and comply with various EU directives in the field of environmental protection, workers' safety and product quality and safety and become competitive, the EBRD said in a project summary document.
At least 60% of the use of the proceeds is expected to be related to Green Economy Transition (GET) investments, the EBRD noted.
The loan would be provided under the EBRD's Regional SME Competitiveness Support Programme (CSP).
($ = 0.9447 euro)