PRESS RELEASE
Governor Sejko meets World Bank Vice President Cyril Muller

On 1 - 2 March 2016, the World Bank (WB) Vice President for Europe and Central Asia, Mr Cyril Muller, is in Albania on his first visit. During the visit in Albania, Mr Muller will meet with a number of senior officials in Albania.

Mr Muller's first meeting was with the Governor of the Bank of Albania, Mr Gent Sejko,  at the premises of the Bank of Albania. In this meeting, he was accompanied by Mr Patrizio Pagano, WB Executive Director for Albania, Ms Ellen Goldstein, WB Country Director and Regional Coordinator for Southeastern Europe, and Ms Tahseen Sayed, Country Manager of the World Bank Office in Albania.

Governor Sejko highlighted the excellent cooperation with the World Bank that has helped the Bank of Albania in the implementation of projects related with the consolidation, modernisation, and stability of the financial system in Albania.

In addition, Governor Sejko informed Mr Muller on the latest economic and financial developments in Albania. More specifically, the Governor focused on the handling the main challenges facing the Albanian economy, the macroeconomic policy framework and structural reforms necessary to boost economic growth, improve the business climate, and attract foreign direct investments in Albania.

The Governor noted that the Albanian banking system has very good financial indicators, leaving behind a difficult year, when it demonstrated resilience to financial stress situations, such as the case of the Greek crisis. Another achievement pointing to our banking system success is the confidence of foreign investors showing an interest in it.

The Bank of Albania's priorities are oriented towards identifying measures to enhance lending, reduce non-performing loans and strengthen financial stability.

The development of non-bank financial institutions, which are gradually increasing their share in the Albanian financial system, was also discussed in the meeting. Underlining the role of these institutions in the diversification and development of the financial market in Albania, the Bank of Albania has been working constantly on strengthening their capacities with regard to governance and internal audit.

Mr Muller commended the policies implemented by the Bank of Albania, which have contributed to safeguarding the macroeconomic stability and consolidating the financial system in Albania.

In conclusion, he iterated the World Bank's commitment to continue the cooperation, by providing technical assistance to the Bank of Albania for its further institutional development, as the regulatory and supervisory authority of the Albanian banking system.

In the end, Mr Muller visited the Museum of the Bank of Albania.