dc.contributor.author	World Bank
dc.date.accessioned	2020-08-11T14:47:15Z
dc.date.available	2020-08-11T14:47:15Z
dc.date.issued	2020-07-24
dc.description.abstract	Micro, small, and medium enterprises (MSMEs) in Albania are significant contributors to the economy. In 2018, according to the Albanian Institute of Statistics (INSTAT), 99.8 percent of active enterprises were MSMEs, employing 79.8 percent of the workforce and realizing around 69 percent of value added. At the same time, the MSME sector is generally characterized by high informality (especially in agriculture), limited availability of collateral, and low levels of financial capability. Limited access to finance, particularly bank credit, poses a challenge for MSMEs in Albania. MSMEs can only reach their full potential if they obtain the finance necessary to start, sustain, and grow their business. Albania’s financial sector ranks at 102nd place out of 141 countries in the World Economic Forum 2019 Global Competitiveness Report. Credit to the domestic private sector represents only 33 percent of gross domestic product (GDP) compared to above 50 percent in regional peers, reflecting very low levels of financial intermediation. MSMEs – the backbone of the Albanian economy – face significant constraints in accessing finance, with 16 percent of small and 34 percent of medium-sized enterprises reporting access to finance as a major constraint in Albania. The overall MSME finance gap in Albania is estimated at 9 percent of GDP. The Albanian banking sector is extremely liquid and prevailing interest rates are low; however, Albanian banks are reluctant to lend to MSMEs as they perceive the sector as risky and there is a limited secondary market for movable and immovable collateral. Improving access to finance for MSMEs in the country must be tackled in a holistic and strategic manner, addressing supply, demand, and enabling environment aspects.	en
dc.identifier	http://documents.worldbank.org/curated/en/907601595607606723/Albania-Credit-Guarantee-Scheme-Assessment
dc.identifier.doi	10.1596/34322
dc.identifier.uri	https://hdl.handle.net/10986/34322
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	ACCESS TO FINANCE
dc.subject	MICROFINANCE
dc.subject	SMALL AND MEDIUM-SIZED ENTERPRISES
dc.subject	PUBLIC CREDIT GUARANTEE
dc.subject	REGULATORY FRAMEWORK
dc.subject	FINANCIAL REGULATION
dc.title	Albania Credit Guarantee Scheme Assessment	en
dc.type	Report	en
dc.type	Rapport	fr
dc.type	Informe	es
dspace.entity.type	Publication
okr.crossref.title	Albania Credit Guarantee Scheme Assessment
okr.date.disclosure	2020-08-05
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Other Financial Sector Study
okr.docurl	http://documents.worldbank.org/curated/en/907601595607606723/Albania-Credit-Guarantee-Scheme-Assessment
okr.guid	907601595607606723
okr.identifier.doi	10.1596/34322
okr.identifier.externaldocumentum	090224b087c52ec4_3_0
okr.identifier.internaldocumentum	32272146
okr.identifier.report	151164
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/907601595607606723/pdf/Albania-Credit-Guarantee-Scheme-Assessment.pdf	en
okr.region.administrative	Europe and Central Asia
okr.region.country	Albania
okr.topic	Finance and Financial Sector Development::Access to Finance
okr.topic	Finance and Financial Sector Development::Finance and Development
okr.topic	Finance and Financial Sector Development::Financial Regulation & Supervision
okr.topic	Finance and Financial Sector Development::Microfinance
okr.topic	Public Sector Development::Public Sector Economics
okr.unit	Finance, Competitiveness and Innovation Global Practice

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Albania Credit Guarantee Scheme Assessment