October 24th, 2016
“It is important that state institutions play a greater role in creating a business environment able to retain current investments and attract new ones”
FIAA: What is the IFC’s current long term finance investment strategy in Albania?
Mrs. Qorlazja: Thank you first of all for giving me the opportunity to talk about IFC in general and its work in Albania.
IFC was established in 1956 as part of the World Bank Group to support private sector investment in emerging markets to create jobs and raise standards of living. IFC’s financial products enable companies to manage risk and broaden their access to foreign and domestic capital markets. Our financial products consist of fixed and variable rate loans extended to the private sector, which finance both early-stage companies and expansion projects. IFC also makes loans to intermediary banks, leasing companies, and other financial institutions for on-lending. In addition to lending, IFC engages in equity investments that provide developmental support and the long-term growth capital the private sector needs. IFC invests directly in companies’ equity and also through private-equity funds.
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October 24th, 2016
“Albania needs greater trust in law and order”
FIAA: During your time here in Albania, have you seen any change in the operating environment for foreign businesses in the country?
Mr. Larsen: Yes – several laws which have been passed, for example. I think the law on strategic investment is beneficial for investors that want to do business here in Albania. It gives businesses a one-stop window in terms of interaction with the government, and so on. We already have that kind of one-stop window in the energy ministry and in the project implementation unit which has been established in the Ministry of Energy, and I believe that the law on strategic investment should help all businesses.
The fact is that Albania is in a period of active reform and we are hopeful of seeing changes in the energy sector as a result. The whole energy sector is undergoing reform and the new energy law passed last year makes commitments to changes in the institutions, for example, liberalization of the market for power trading. We were originally expecting these things to be in place by now, but they will come. The government is committed to reform and it will make it happen. I think it will take some more years still before we have a fully functional power market here in Albania. read more »
October 1st, 2016
FIAA, as a representative of the foreign business community in the country has recently expressed its concerns related to the amendment of the law for Chambers of Commerce and Industry which the Albanian Parliament approved during the parliamentary session of September 29th.
This legal amendment restores compulsory membership of business to the Chambers and a payment of the annual quota for all legal entities registered in Albania.
FIAA has stated that these changes were not part of any public discussion phase in the Ministry of Economic Development, Tourism, Trade and Entrepreneurship before they were sent to Parliament of Albania, contrary to the explicit commitment by the government for discussion and dialogue with business groups of interest on legal acts and regulations that affect business, as well as contrary to the legal obligation set out in law no. 57/2014. read more »
September 30th, 2016
The World Bank in Albania has presented last month “South East Europe Regular Economic Report “ a bi-annual report series on recent economic developments and economic policies in South Eastern Europe (SEE6: Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia). The report looks at the economic performance and outlook for the SEE region and specific factors that affect the growth prospects.