Tirana, Albania, July 16, 2019— IFC, a member of the World Bank Group, has signed an agreement with the Ministry of Finance and Economy to help Albania modernize its investment policies, part of an effort to create jobs and drive economic growth in the country.
Under the agreement, IFC will advise the Albanian government on how to better align its investment policies with those in the European Union (EU) and improve its investor services. The reforms are designed to help spur foreign investment in sectors like light manufacturing and automotive components, creating jobs and supporting sustainable growth.
The partnership was made possible with a financial contribution by the European Commission. The EU funding is part of a €2.5 million program to help prepare the economies of the Western Balkans for EU accession and support economic development in South Eastern Europe.
The reforms will help Albania attract foreign companies and make it easier for those firms to set up shop and expand their operations.
“The number of investors ready to enter the Albanian market is increasing" said Anila Denaj, Minister of Finance and Economy. “Albania along with other Western Balkan countries are committed to achieving higher competitiveness and laws that will create a better support for foreign investors and for the development of businesses.”
“Connecting the region’s economies to global markets through trade, transport, and investment will help spur economic growth and create jobs,” said Thomas Lubeck, IFC Regional Manager for Central and Southeast Europe.
Stephen Stork, Head of the Operations Section in the EU Delegation to Albania, said: “Unlocking the potential of the private sector is key to supporting economic development in Albania. To this end, Albania will take measures to encourage investments and implement its commitments for the development of the Regional Economy Area (REA), as was jointly committed with the EU, in the Commission's Policy Dialogue for Economic Reform Programs”.
The project is part of a larger effort by the EU and IFC to encourage investment and cross-border trade in the Western Balkans and in South Eastern Europe.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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For information about the Ministry of Finance and Economy in Albania, visit: http://www.financa.gov.al/en/
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