Established in 1994, FondiBesa is a leading non-bank microfinance institution in Albania, servicing about 18,000 clients. It focuses primarily on micro and small enterprises in the country’s urban and semi-urban areas. The EBRD facility will be used to finance investment projects and working capital needs of MSMEs in Albania. The credit line will help FondiBesa to diversify its funding base and will support the company in its drive to provide more affordable financing tools to small entrepreneurs.
“This is the EBRD’s first loan to a non-bank financial institution in Albania. The facility will provide needed long term funding to FondiBesa, allowing it to grow its loan book and increase financial intermediation to MSMEs in the region,” said Fabio Serri, Head of the EBRD Office in Tirana. “We are looking forward to working with EBRD to help expand the small business sector in the coming years,” said Mr. Bajram Muçaj, Executive Director, FondiBesa. The facility will be provided under the EBRD – Italy Local Enterprise Facility, aiming at broadening the outreach of financial institutions towards smaller business clients and micro enterprise in particular. Since the beginning of its operations in Albania, the EBRD has invested over €550 million in various sectors of the country’s economy, mobilising additional investments of more than €1 billion.
News source: EBRD link: article
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