The ‘SME Reboot’ launched today at an event with Albanian SMEs, financial institutions and economic chambers, organised by the European Bank for Reconstruction and Development EBRD.
The programme will encourage the competitiveness of small businesses in Albania and Bosnia and Herzegovina by helping them with access to finance for investments compliant with European Union and other international standards. It will provide SMEs with a package of loans, incentive grants and technical assistance.
Through partnerships with financial institutions and the private sector, SMEs are empowered to modernise and become more sustainable, as well as expand beyond the domestic market.
Aleksandra Vukosavljevic, EBRD Director for Financial Institutions, Western Balkan and Eastern Europe, said: “This programme will strengthen the competitiveness of Albanian SMEs in both domestic and international markets, while driving the transition to a green economy and fostering sustainable economic growth.”
Philipp Arnold, the Deputy Head of Mission of the Embassy of Switzerland in Albania stated: “The Swiss contribution of 2.8 million Swiss francs from the State Secretariat for Economic Affairs SECO to the ‘SME Reboot’ programme is motivated by our development goal to make the private sector in Albania and the larger region more competitive and resilient.”
At least seventy per cent of the funding provided under the programme will be dedicated to green economy investments, including energy efficiency, resource efficiency and renewable energy investments, and will help to reduce greenhouse gas emissions in the country. Furthermore, the programme will support investment in automation, increasing productivity, product quality and safety.
In addition to technical assistance, SMEs will be eligible for a cashback grant of 10 per cent of the loan amount on successful completion of their investment projects.
The SME Reboot programme is already active in other Western Balkans countries, and it’s expected to stimulate Albanian local businesses as well.
The programme is supported by Luxembourg, Norway, Switzerland, and the United States through the EBRD Small Business Impact Fund (SBIF), as well as Denmark.
