NJOFTIM PËR SHTYP
Bank of Albania and the European Investment Bank strengthen their Cooperation in regard to Green Finance

The Bank of Albania and the European Investment Bank (EIB) today signed a historic cooperation agreement aimed at developing green finance and supporting sustainable economic growth in Albania. This agreement, part of the EIB’s Green Finance Systems Program, seeks to strengthen the resilience of the Albanian financial system by integrating climate risks into the regulatory framework and preparing Albania for aligning its standards with those of the European Union.

The program includes the development of a Green Taxonomy for classifying resilient economic activities, supporting banks in mobilizing funds for green projects, as well as building capacity for managing climate risks and preparing the financial sector to implement international best practices in sustainable finance.

This initiative represents a significant step toward building a financial system that supports the transition to a green and sustainable economy. It provides a solid foundation for enhancing the capacity of Albania’s financial sector while creating opportunities for investments that contribute to environmental protection and the reduction of climate risks. Furthermore, it reflects the importance of inter-institutional cooperation to align practices with international best standards, paving the way for Albania toward a more sustainable and secure future.

The signing ceremony took place at the Bank of Albania’s premises in Tirana, in the presence of the EIB Vice President, Mr Robert De Groot, Governor of the Bank of Albania, Mr Gent Sejko, and the Head of Co-operation of the European Union Delegation to Albania, Mr Hubert Perr.  This strategic cooperation represents an important step toward achieving the green transition and advancing Albania’s agenda for EU integration.

In his speech, the Governor of the Bank of Albania, Mr Gent Sejko, highlighted: "The Bank of Albania, over the course of 2024, has undertaken several important initiatives that show our concrete commitment, including the analysis of the banking sector's exposure to climate risks, which has helped identify the most affected regions and sectors, as well as the drafting of the Climate Risk Management Guide, which establishes a clear framework for banks to integrate these risks into their risk management systems. Collaboration with the European Investment Bank is essential to advancing our green transition. The agreement we are signing today is a concrete step in this regard. It reflects our commitment to building a financial system in harmony with European best practices and helps in achieving the country’s strategic objectives. The green taxonomy will serve as a guide for classifying sustainable activities, supporting channel funds towards projects that have a positive environmental impact and increasing transparency for investors and financial institutions.”

The Vice President of the European Investment Bank, Mr. Robert de Groot, responsible for the Western Balkans, stated: “This signing marks a milestone in collaboration with the Bank of Albania.  Under the EIB Green Financial Systems programme, we aim to create a conducive financial environment that will contribute and support Albania's green transition efforts, help to achieve its ambitious emissions reduction targets, support adaptation measures and strengthen the country’s resilience. As the climate bank of the EU, and one of the largest investors in green finance, we look forward to the positive impact this collaboration will have on the country’s economic development, resilience and preparedness, on its path towards EU accession.”

Meanwhile, the Head of Cooperation at the EU Delegation to Tirana, Mr Hubert Perr, said: “The EU in Albania is supporting the strengthening of the partnership between the Bank of Albania and the EIB, the EU’s climate bank. Today’s signing of the agreement on greening Albania’s financial systems marks an important step in aligning the country with the EU Green Deal and its sustainable finance agenda, which is also part of Albania’s EU integration and negotiation process. We hope this programme will unlock new funding opportunities and foster green investments among Albanian companies, helping them adopt transition strategies to mitigate climate risks. In turn, this will drive sustainable and climate-resilient growth in Albania’s economy. This aligns with EU’s broader efforts in Albania to boost economic development and sustainability, particularly through the EU Growth Plan.”

During his visit to the Bank of Albania, Vice President Robert de Groot also held an official meeting with the Governor of the Bank of Albania, Mr Gent Sejko. In this meeting, they discussed on the strategic priorities of green finance in Albania. More specifically, the discussion focused on the importance of international cooperation to improve the resilience of the Albanian financial system and address climate challenges, in line with both national and international objectives.