March 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that together with the European Union (EU) and the Albanian government it is committing a risk-sharing facility of up to 5.17 million euro ($5.8 million) to Intesa Sanpaolo Bank Albania for on-lending to firms in agribusiness and tourism sectors.
The facility includes a 10% investment grant, to be received by sub-borrowers after the completion of the investments, funded by the government of Albania and the EU, the EBRD said in a statement last week.
Furthermore, the EBRD is providing technical assistance to both financial institutions and sub-borrowers through the EBRD’s Advice for Small Businesses programme in Albania, it said.
The funds will be provided through the Albania Agribusiness and Tourism Support Facility (AATSF), a framework aimed to improve access to finance for small and medium-sized enterprises (SMEs), in partnership with a number of commercial banks in Albania.
Up to 180 million euro has been allocated to date under the AATSF for specialised credit lines and risk-sharing facilities through local partner banks. Since its launch in 2016, more than 70 million euro in loans have been committed, benefiting more than 6,100 local agribusiness SMEs.
($ = 0.8917 euro)