PRESS RELEASE
Governor Sejko meets representatives of the European Fund for South East Europe

On 21 June 2017, the Governor of the Bank of Albania, Mr Gent Sejko, met at the Bank of Albania’s premises with representatives of the European Fund for South East  Europe (EFSE), led by Mr Christoph Tiskens, Chairperson of the Board of Directors of the Fund.

Governor Sejko presented an overview on the latest economic developments in the financial and banking sector in Albania, focusing on the last decision-making of the Bank of Albania regarding inflation and the exchange rate. The Governor said that the macroeconomic environment is assessed as stable and prospects show the positive growth pace will continue. He added that the developments of the economy are optimistic, particularly in the tourism sector, highlighting the great potential of this sector in the future.

Regarding the financial developments in Albania, Governor Sejko emphasized that the Albanian banking system shows very good financial indicators, it is well capitalised, liquid and financially sound. 

Mr Tiskens said that he appreciates Bank of Albania’s continuous support over the years for EFSE initiatives. Albania, as one of the first shareholder countries of EFSE with a considerable contribution over the years in the activity of the Fund, has an important place in the focus of this institution. The meeting of EFSE Board of Directors in Albania is a testimony of this appraisal. He shared the same optimistic attitude for the current stage of economic and financial development of the South Eastern European region, including Albania. He placed particular emphasis on the current economic recovery as well as on the improved access of enterprises and individuals to financial services. 

Regarding the prospects of cooperation between the two institutions, the interlocutors concurred that more needs to be done for a better access to funding by the small enterprises sector. For this purpose, EFSE is committed to providing its support both in funds and knowledge, with a view to reducing the costs associated with lending to this segment.

On the same topic, Governor Sejko added that the growth of productivity, in particular for smaller firms, is very important for the economic convergence of Albania. The fulfilment of needs for investing capital is a main challenge for small producers, as they have less or no borrowing history in the financial system.

For this reason, the analysis with micro data are already subject of discussion in the activities and conferences organised by the Bank of Albania, to understand the needs of small enterprises and to identify how they can be helped to improve the infrastructure, in order to increase their financial inclusion in the future. In this regard, the Governor said that the Bank of Albania welcomes EFSE’s contribution to reducing costs for the allocation of funds of these enterprises.

In conclusion, Governor Sejko thanked EFSE for its contribution through continuous financial support and the expertise offered for developing the financial market, not only in Albania, but also across the region.