Albania plans to increase lending to drive economic growth

May 14, 2024 — Albania is preparing to stimulate economic growth by boosting lending to both individuals and businesses. With banks set to provide more credit for home purchases, personal needs, and business expansion, the Ministry of Finance, in partnership with the Bank of Albania, is developing a strategic plan.

Ervin Mete, Minister of Finance, emphasizes the need for an active lending sector that efficiently allocates funds to productive areas of the economy. He highlights the importance of financial inclusion for all.

This initiative coincides with a period of record profits for banks and the lowest levels of non-performing loans in over a decade.

Gent Sejko, Governor of the Bank of Albania, stresses the importance of innovation, digitization, and cybersecurity in today's financial landscape.

The anticipated increase in lending is expected to be supported by potential interest rate reductions, following signals of easing monetary policy in response to declining inflation.