The World Bank’s investment arm, the International Finance Corporation (IFC), has extended a USD 4mn credit line to Albanian lender Union Bank to support financing of small and medium enterprises (SMEs), IFC said in a statement.
The funding will help Union Bank increase its available products and financial support for corporate and small business customers engaged in international trade, helping those firms reach new markets, expand operations and create new jobs.
Union Bank is the second bank in Albania after National Commercial Bank (BKT) to join the IFC Global Trade Finance Program (GTFP) as an issuing bank. The GTFP promotes trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC’s triple-A rating.
Union Bank has been operating on the Albanian market for more than seven years and operates a network of 30 branches.
Members of Albania’s main opposition Democratic Party (DP) that have been excluded from the party by its leader Lulzim Basha plan to establish a new political movement, local media reported on ... more
The new Albanian cabinet plans to drastically slash the number of employees in the public administration to make it more efficient. Prime Minister Edi Rama recently ... more
Tensions in Himara, a coastal city in southern Albania, have risen after dozens of members of the Greek minority in the area were detained. The arrests were reportedly made after residents were ... more