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TIRANA (Albania), March 29 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) and the Albanian government are supporting a loan portfolio of up to 35 million euro ($39.3 million) to the agribusiness sector, risk-shared with Raiffeisen Bank Albania, the EBRD said on Friday.
Through this project, Raiffeisen Bank Albania becomes the fifth Albanian partner to join the Albania Agribusiness Support Facility (AASF) which improves access to finance for local agribusinesses through dedicated credit lines or by sharing the risk of lending to the sector, the EBRD said in a press release.
Agribusiness provides employment for more than 50% of the Albanian population in rural areas and accounts for around 20% of the country’s GDP. However, the sector remains underserviced by financial institutions, with loans to agribusiness accounting for only 2% of total lending to the economy.
($ = 0.88969 euro)