PRESS RELEASE
Governor Sejko meets with the EBRD's First Vice President

The First Vice President of the European Bank for Reconstruction and Development (EBRD), Mr Jürgen Rigterink, visited Albania on 8 September 2021. During this visit, Mr Jürgen Rigterink had high-level meetings with public authorities in Albania, to affirm the commitment of the EBRD with Albania.

The Governor of the Bank of Albania, Mr Gent Sejko met with the First Vice President Rigterink at the premises of the Bank of Albania. Also, high-level representatives of the EBRD and senior officials of the Bank of Albania attended this meeting.

At the beginning, Governor Sejko highlighted the excellent relationships with the EBRD, the significant contribution with financial investments in crucial areas of the Albanian economy.

Then, Mr. Sejko introduced Mr Rigterink with the latest economic and financial development in Albania. In particular, Governor Sejko focused on addressing the main challenge to the whole economy: the impact of the pandemic; developments in the banking and financial system; expectations about the economic indicators in the future; the framework of the macroeconomic policies and structural reforms required to boost economic growth and improve business climate.

The Governor provided an overview of the measures taken by the Bank of Albania in response to the shock arisen by the pandemic: the strengthening of monetary stimulus through the reduction of policy 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.

In this view, the Governor emphasised that the gradual normalisation of economic situation and the strengthening of the stable recovery in 2021 should reset on the focus of the decision makers the need for accelerating the agenda of structural reforms. These reforms should aim at: enhancing competition; further improving the investment climate and business environment; and the long-term strengthening of public finances stability.

The EBRD’s First Vice President, Mr Jürgen Rigterink, commended the work of the Bank of Albania and its policies, which have contributed to preserve macroeconomic stability and consolidate the financial system in Albania. Mr Rigterink stated that Albania has been hit hard by the COVID-19 pandemic, but its response was strong. Now, it is time to step up forward and build back the progress and economic growth - a development which should be inclusive and resilient. These are also the priorities of the EBRD, which is ready to support Albania while recovering from this crisis and builds up a better future.

The EBRD has invested 115 projects to date in Albania amounting EUR 1.7 billion. The strategy of the country emphasises the support for the sustainable development of the private sector, building on the strong entrepreneurial spirit in the economy, enhancing the commercialisation of infrastructure projects and promoting sustainable energy and environmentally sound investments.

Concluding, the EBRD’s First Vice President, Mr Jürgen Rigterink, reaffirmed the commitment to continue the collaboration with the Bank of Albania to strengthen the financial sector by supporting the banking sector through credit lines and other facilities.

Governor Sejko thanked the EBRD for the significant contribution throughout this bilateral collaboration, and particularly, for the technical assistance provided to the Bank of Albania, mainly in the fields of banking supervision and monetary policy aiming at the alignment of the regulatory framework with EU Acquis. The Governor reiterated the invitation to the First Vice President to continue assess the potentials that Albania offers.