The Bank of Albania states that the country must pursue development through technology and industrial policies. To support this transition, the European Bank for Reconstruction and Development (EBRD) will finance €900 million over the next five years.

Reforms implemented over the past 20 years have created a competitive economy in Albania, but they are not sufficient for further economic progress. In today’s global context, according to Governor Gent Sejko, the country needs to focus on revitalizing industrial policies and developing the technology market.

“These ‘global innovation services’, such as information technology, design, logistics, and data analysis, are at the heart of productivity growth and added value. But to develop them, strong foundations are needed: investments in education, a skilled workforce, modern digital infrastructure, and high institutional capacities,” said Sejko.

He added that several Central and Eastern European economies have already become leading exporters in the field of IT services, and Albania also has the potential to follow that path.

Meanwhile, the EBRD will finance €900 million by 2030 to support the country’s development.

“This aims to support Albania’s progress toward European Union membership. The priorities of our strategy for the country are fully aligned with the EBRD’s global strategy, and have been adapted to Albania’s national priorities and needs. The first priority is accelerating the transition to a green economy. We will continue to support Albania’s efforts to diversify its renewable energy sources,” said Ekaterina Solovova, EBRD Director for Albania.

During the presentation of the Transition Report for Albania, financing programs were also detailed that aim to improve the expansion of transport and energy distribution networks.