PRESS RELEASE
Governor Sejko meets representatives of the European Bank for Reconstruction and Development

On 1 July 2021, the Governor of the Bank of Albania, Mr Gent Sejko, met with a delegation of the European Bank for Reconstruction and Development (EBRD). The purpose of this meeting was to introduce Ms Ekaterina Solovova, the new Head of Albania for the European Bank for Reconstruction and Development (EBRD). Ms Solovova succeeds Mr Matteo Colangeli, who has successfully finalised his term as Head of the EBRD’s operations in Albania.

Ms Solovova joined the EBRD in 2004 in the Telecommunications, Media and Technology team, continuing her career to work in the private equity industry in London in 2006. She re-joined the Bank in 2012 as Head of Resident Office in Samara, Russia. Later, Ms Solovova held senior positions in Banking, as an adviser to the President and, most recently, in the Private Equity team.

Governor Sejko reiterated his appreciation to Mr Colangeli for his contribution and commitment, for the implementation of various projects in key areas for the economy of Albania.

Mr Sejko valued EBRD for the technical assistance provided to the Bank of Albania, mainly in the areas of banking supervision and financial stability.  In this regard, He stated that the new project for supporting the Bank of Albania in its efforts on the alignment of the regulatory and supervisory framework on credit institutions with the European Union standards, will address the shortages that will be identified through the technical assistance.

In addition, the new credit line amounting EUR 100 million granted to the Albanian Deposit Insurance Agency (ADIA), as an additional hedge instrument, will enhance both the stability of banking sector in Albania and the security of customers. 

Then, Governor Sejko presented an overview of the main economic developments in Albania, focusing on: the impact of the pandemic on the economic growth; developments in the financial and banking system; and expectations related to the economic indicators in the future.  Data from public institutions show a fast recovery of the economy during 2021. This recovery is expected to continue in the next years as well.

The Governor introduced the measures taken by the Bank of Albania as a response to the shock arisen by the pandemic: the strengthening of monetary stimulus through the reduction of policy interest rate and the increase of liquidity injections; amendments to the regulatory framework, aimed at temporary easing the extension of credit payments; and the restructuring of bank loans to clients facing financial difficulties.

Representatives of BERZH valued positively the policy implemented by the Bank of Albania in response to the situation caused by the COVID-19 pandemic, and commended its contribution in supporting the economic growth of Albania, improving the lending environment and both the supervisory and regulatory framework, and its approximation with the best international standards.  In particular, EBRD representatives assessed the policy implemented by the Bank of Albania to safeguarding the financial stability of Albania and banks’ soundness, notwithstanding the challenges and difficulties that Albania faced during the pandemic and even earlier. 

Valuing the role and contribution of the Bank of Albania in maintaining macroeconomic stability in Albania, the EBRD representatives thanked Governor Sejko for the existing institutional cooperation. In this view they also discussed about future projects, by applauding the Albania's potential and affirmed the commitment for fostered cooperation in areas of particular interest to Albania.