EBRD lends EUR 5 mln to OTP Bank in Albania

Banking

Image by Tupungato/Shutterstock.com

Tupungato/Shutterstock.com

The European Bank for Reconstruction and Development is providing a EUR 5 million loan to OTP Bank Albania to improve the competitiveness of small and medium-sized enterprises (SMEs) in the country, following the severe impact of the coronavirus pandemic on the local and regional economy, the EBRD said in a statement.

The program is part of a wider EBRD-EU initiative to support SMEs across the Western Balkans. Enterprises can benefit from loans to invest in the upgrade of production facilities and equipment or to meet EU standards in product quality, safety and similar areas to become more resilient and competitive in local and external markets.

In addition, SMEs can receive tailor-made technical assistance to prepare projects, as well as grant incentives worth up to 15% of the total loan amount on successful completion of projects. Both the technical assistance and the grants are funded by the European Union.

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