Minister Ibrahimaj Announces Launch of “Double Your Enterprise” Program, Providing €250 Million in Financing for Businesses

The “Double Your Enterprise” program will commence implementation on July 1, as Minister of Economy and Innovation Delina Ibrahimaj announced following the Cabinet meeting. The financial instrument has been developed to facilitate the expansion and development of Albanian businesses.
The Bank of Albania has allocated a €250 million fund to support the program, and the government has incorporated a sovereign guarantee that will cover up to 70% of the collateral required from participating enterprises. The program’s objective is to enhance the availability of financing for small and medium-sized enterprises (SMEs) by providing loans with interest rates that vary from 2% to 3%, contingent upon the risk level.
The program will provide financial support to SMEs in critical sectors of the economy by financing investments that enhance productivity, facilitate the certification of products and services, promote exports, and enhance the access of Albanian businesses to European markets, as per Minister Ibrahimaj. Additionally, a nationwide communication campaign will be implemented to guarantee that entrepreneurs are adequately apprised of the opportunities offered by the initiative.
In addition, the government approved a revision of the National Employment Strategy during the Cabinet meeting. The revision will concentrate on the expansion of the Youth Guarantee program, an initiative that is designed to provide young individuals with additional opportunities for employment, vocational training, and self-employment.
Furthermore, the government has authorized the “Hospitality Albania” initiative, which will be overseen by the Albanian Investment Corporation. This initiative aims to enhance the efficiency of the use and rehabilitation of government villas in Vlora and Velipoja by collaborating with the private sector. The partnership, as per Minister Ibrahimaj, will be restricted to the administration of state assets, with the state maintaining complete ownership of those assets at all times.