World Bank Approves $100m Loan for Albania
The World Bank has approved a loan designed to support Albania’s efforts to reduce the impact of the global financial crisis on the local financial sector.
“The Albanian financial sector authorities have undertaken significant reforms to mitigate vulnerabilities in the financial sector,” said Mike Edwards, Lead Financial Sector Specialist in the World Bank’s Europe and Central Asia Region and Task Team Leader of this operation.
“We are encouraged by the financial sector authorities’ commitment to continuing and deepening reforms to improve non-performing loan management and resolution, the deposit insurance framework, insurance market development, public debt management, and the regulatory and supervisory framework for investment funds,” he added.
Specifically, the loan supports reforms in several areas, including improving banks’ crisis preparedness, enhancing the deposit insurance framework, expediting resolution of non-performing loans and strengthening the regulation and supervision of non-bank financial institutions..
“The authorities are committed to continuing with a series of short- to medium-term reforms to encourage the development of the financial sector,” The World Bank said.
“These reforms entail activities that would further contribute to the country’s financial stability, development of financial markets, enhancement of financial inclusion, and improvement of corporate financial reporting,” it added.