Albanian Microfinance Association holds a forum with theme “Keeping the door open for Albanian entrepreneurs”

As part of the activities carried out by providers and products of microfinance services throughout Europe, named in the framework of a campaign called European Microfinance Day, which is organized by European Microfinance Network (www.european-microfinance.org) in partnership with Microfinance Centre (www.mfc.org.pl), held for the third time in Albania, Albanian Microfinance Association organized on October 25, 2021 a high-level forum to promote the efforts of microfinance institutions to support micro-enterprises and small business in the conditions of the pandemic and to shed light on the strategies of the microfinance sector to continue the partnership. with Albanian businesses.

Present at this event were senior representatives from the government, regulators, international financial institutions, representatives of the business community, the Banking Association, non-bank financial institutions and microfinance activity, who have provided ongoing support to the sector.

The forum was greeted at the opening by the President of the Albanian Microfinance Association, Mrs. Arlinda Muja, who after underlining the importance of the sector in supporting market segments that do not yet have the proper financial inclusion, presented some facts and figures that show that microfinance has consistently stood by microfinance clients and small businesses not only in terms of favorable, but especially in the harsh conditions caused by the COVID-19 pandemic and the crisis associated with it. She invited all actors of today’s economic and financial life to interact in support of the development of micro-enterprises and small business, which are the pillars of the development of the Albanian economy.

Afterward the floor was taken by Mr. Deniz Dëralla, Director of the Supervision Department at the Bank of Albania, who praised the role of the microfinance sector in the fragile sectors of the segments of Albania and expressed the readiness of the Bank of Albania. Albania to continue. communication and cooperation in further regulation. Legal and regulatory framework, for the benefit of the client segments of microfinance financiers

Mrs. Ines Mucostepa, President of the Union of Chambers of Commerce and Industry of Albania, who spoke afterwards, praised the cooperation established between representatives of the microfinance sector and the business community, which is reflected in several joint projects and activities. She said business today continues to need support and that any interaction in favor of increasing access to finance is appreciated and welcomed.

On behalf of the Minister of State for Entrepreneurship Protection, the forum was greeted by Ms. Ana Petani from the Secretariat of the National Economic Council, an entity created to strengthen the dialogue between government and private enterprise. She underlined some of the initiatives for the revitalization of the activity of this subject and expressed the readiness for cooperation with the sector to meet the objectives of the institution in support of the Albanian enterprise. 

The forum then continued with the presentation of a survey undertaken by the Albanian Microfinance Association regarding the difficult situation experienced by small businesses and micro-enterprises during the pandemic, as well as their expectations for the future, which will be also published in its detailed form at the AMA website www.ama.com.al 

An important part of the forum proceedings was the panel on: “The Role of Microfinance and Partnerships in supporting increased access ti finance for SME-s”, where representatives from the Ministry of Finance and Economy, the European Bank for Reconstruction and Development, the Investment Development Agency and representatives of the microfinance sector were invited. The participants were presented with a number of initiatives related to the support provided to micro-enterprises and small business, based on the cooperation of microfinance sector with the above-mentioned institutions. Furthermore, a number of initiatives coming from the sector were presented, highlighting key role that microfinance plays in the economic environment and financial inclusion of microenterprises in the country. 

In the last part of the forum, the panel on: “Microfinance and innovation, are we doing enough?” addressed the issue of innovation first with an eye to entrepreneurship as well as the microfinance sector. Investing in new technologies as well as raising service standards were also two strengths identified as successes during the period we are leaving behind. However, it was stressed the need for a coordination of actions and a higher degree of information exchange, in order to enable a complete innovative and digital transformation. 

The discussions also highlighted the ambitions of the sector both in the legal and regulatory framework, aiming to draft a law on non-bank financial institutions. The forum marked an important step towards strengthening the dialogue of the microfinance sector with the government, financial development institutions, market actors and the business community, thus being considered a successful event by partners and participants.

About  the Albanian Microfinance  Association

The Albanian Microfinance Association is a sectoral organization established in 2006, which brings together the most important financial lending institutions in the country. The member institutions of the Albanian Microfinance Association have become promoters of socio-economic development and actors in the financial education of private enterprises, agribusiness and individuals. The current members of the Albanian Microfinance Association are Agro&Social Fund shpk, Agrokredit sh.a., AK-Invest sh.a., Crimson Finance Fund Albania shpk, Fondi Besa sh.a., Fed Invest SHKK, IuteCredit Albania sh.a., Kredo Finance shpk , NOA sha, UniFin SHKK.