TIRANA (Albania), August 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is providing a loan of 3 million euro ($3.1 million) to ProCredit Bank Albania to support local small and medium-sized enterprises (SMEs) in improving their competitiveness.
SMEs can use the funds to invest in an upgrade or extension of their production facilities, new equipment and operations, as well as achieving EU standards in the fields of environmental protection, worker safety and product quality and safety, the EBRD said in a press release on Tuesday.
More than half of the proceeds will be used to finance investments in green technology and energy efficiency.
Furthermore, the EU is providing additional 450,000 euro in incentive grants to borrowers, which will be eligible for cashback incentive equivalent to 15% of the loan amount, the EBRD said.
The loan is provided under the EBRD's SME Competitiveness Support Programme in the Western Balkans, which is co-financed by the EU.
($ = 0.9788 euro)