The EBRD's "SME Reboot" program, which was launched today in Tirana, will offer small and medium-sized enterprises (SMEs) a package that includes loans, grants and technical assistance.
The European Bank for Reconstruction and Development (EBRD) is promoting access to finance for SMEs in Albania through the "SME Reboot" program, which aims to increase the competitiveness and sustainability of local businesses.
The program was launched today in Tirana at an event that brought together representatives of Albanian SMEs, EBRD partner financial institutions, donors, chambers of commerce, etc.
The “SME Reboot” program will boost the competitiveness of Albanian SMEs by helping them access financing for investments that comply with European Union and other international standards. Through partnerships between financial institutions and the private sector, SMEs are empowered to modernize, become more sustainable and expand their activity beyond the domestic market.
Aleksandra Vukosavljevic, EBRD Director for Financial Institutions in the Western Balkans and Eastern Europe, said: “This program will strengthen the competitiveness of Albanian SMEs in both domestic and international markets, fostering the transition towards a green economy and sustainable economic growth.”
The Deputy Ambassador of Switzerland to Albania, Philipp Arnold, said: “The Swiss contribution of 2.8 million Swiss francs from the State Secretariat for Economic Affairs SECO to the 'SME Reboot' program is motivated by our development goal to make the private sector in Albania and the wider region more competitive and resilient.”
At least seventy percent of the financing provided through the program will be dedicated to investments in the green economy, including energy efficiency, resource efficiency and renewable energy, helping to reduce greenhouse gas emissions in the country. In addition, the program will support investments in automation, productivity growth, product quality and safety.
In addition to technical assistance, SMEs will benefit from a grant worth ten percent of the loan amount upon successful completion of the investment.
The "SME Reboot" program is already active in other Western Balkan countries and is expected to further stimulate local businesses.
The program is supported by these donors: Luxembourg, Norway, Switzerland and the United States of America through the EBRD Small Business Impact Fund (SBIF), as well as by Denmark.
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