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Ekonomia

Government extends sovereign guarantee for businesses, 78 million euros by 2027, support for tailors, small and medium enterprises

Government extends sovereign guarantee for businesses, 78 million euros by 2027,

The government plans to extend the sovereign guarantee for tour operators and businesses. This was stated by the Minister of Finance, Anila Denaj, during the meeting she held yesterday with the Investment Council for the new strategy 2021-2027. We clarify here that the sovereign guarantee is a type of loan that businesses receive in banks, but that the interest is covered partly by the government and partly by the banks. During the pandemic, the government in cooperation with the Bank of Albania issued two sovereign guarantees, where the number of beneficiaries was quite high. Meanwhile, the ministry says that for some businesses the sovereign guarantee is planned to be extended, because the companies most affected by the pandemic crisis need financial support to be rebuilt. Specifically, Denaj clarified that initially the sovereign guarantee will be in the amount of 50 million euros and by 2027 78 million euros will be given, financed by small and medium enterprises. "The two sectors that will receive the greatest direct support are manufacturing and tourism through sovereign guarantees of 50 million euros. The new investment promotion strategy 2021-2027 envisages 78 million euros that will come to the aid of companies, mainly small and medium enterprises. "As a priority, we will support with sovereign guarantees, mainly the fason sector, which is even more affected by the crisis, so that businesses in the field can start the recovery from the effects of Covid-19", the minister emphasized. "The two sectors that will receive the greatest direct support are manufacturing and tourism through sovereign guarantees of 50 million euros. The new investment promotion strategy 2021-2027 envisages 78 million euros that will come to the aid of companies, mainly small and medium enterprises. "As a priority, we will support with sovereign guarantees mainly the fason sector, which is even more affected by the crisis, so that businesses in the field can start the recovery from the effects of Covid-19", the minister emphasized. "The two sectors that will receive the greatest direct support are manufacturing and tourism through sovereign guarantees of 50 million euros. The new investment promotion strategy 2021-2027 envisages 78 million euros that will come to the aid of companies, mainly small and medium enterprises. "As a priority, we will support with sovereign guarantees mainly the fason sector, which is even more affected by the crisis, so that businesses in the field can start the recovery from the effects of Covid-19", the minister emphasized.

5-fold grants

Denaj showed that this new strategy that is being drafted will have as a priority financial support and orientation through training for all small and medium businesses in the country. According to her, this is the best way for businesses in the country to start recovering and to absorb as much foreign investment as possible. Here the Minister indicated that the support will be given to enterprises in the form of grants, which will be 5 times higher than they have been to date. "Special focus will be on small and medium enterprises to increase value, which today have significant fiscal support such as zero profit tax and increase of the VAT threshold, but also support through grants and funds administered through AIDA. "It is expected that the value of funds and grants for small and medium business will increase 5-fold", she said. Among other things, Denaj said that the purpose of drafting this strategy is to identify investment potentials for economic development and promote integration in international markets and value chains. At the end of the meeting, the Minister invited the business to present their proposals regarding this strategy, which should aim to increase the value of the product "Made in Albania" and in particular to make it in the regional markets even more visible and more beneficiary.

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