TIRANA, March 14 (Xinhua) -- The World Bank's board of executive directors has approved a financial sector development policy loan (DPL) of 100 million U.S. dollars to Albania, Albanian media reported Tuesday.
According to the Bank, the loan will be used to support reforms which are aimed at strengthening the resilience of Albanian banking sector and the regulation and supervision of non-bank financial institutions.
The reforms supported by this operation aim at addressing the current vulnerabilities of the financial sector and enhancing its resilience, said Ellen Goldstein, World Bank country director for the western Balkans.
She added that these reforms will enable the right environment for banks and non-bank financial institutions to expand credit to the private sector, which in turn will boost economic growth.
The financial sector DPL is a fixed spread loan with an eight-year grace period and repayment of 31 years.