Országos Takarék Pénztár (OTP) Bank Republic of Albania, a young man member of the Republic of Republic of Hungary-based OTP Bank Group, belatedly borrowed EUR v 1000000 (USD half-dozen.i 1000000) from the Great United Kingdom-based European Bank for Reconstruction and Development (EBRD) to support small-scale besides medium-sized enterprises (SMEs) inward Albania inwards responding to the COVID-19 pandemic by upgrading their production facilities for improved lineament as well as security. The EU is supporting the loan with technical assistance besides grant incentives of upward to fifteen percent of the loan main for stop-borrowers that successfully consummate projection goals. The caput of EBRD operations inwards Republic of Albania, Matteo Colangeli, said that this SME Competitiveness Program volition “assist Albanian SMEs to innovate European Union standards, improving their performance also becoming more than competitive, especially on export markets.”
OTP Bank, founded in 1949, has 18.5 1000000 individual too corporate clients in nine countries inwards Central too Eastern Europe. As of the third quarter of 2020, OTP Bank reported total assets of HUF 22.vii trillion (USD 77.v billion), return on equity on adjusted cyberspace earnings of xix.vii pct inward add-on to render on assets of ii.one percentage.
EBRD, founded inward 1991, has 69 shareholding countries every bit of 2020. It planned to invest close to EUR eight billion (USD viii.vi billion) over the class of didactics of 2020 inward support of a “transition to open up up, marketplace identify economies, whilst fostering sustainable together with inclusive increment” across Central Asia, Eastern Europe as well as North Africa. In Republic of Albania, EBRD has made investments totaling roughly EUR one.four billion (USD one.vii billion) inwards 100 projects.
By Eha Joshi, Research Associate
Sources likewise Additional Resources
EBRD tidings unloosen
OTP Bank Republic of Albania homepage
OTP Bank financials
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