€1.8 million joint financing to fund investment programme
The EBRD and the Enterprise Expansion Fund (ENEF) are jointly providing €1.8 million in financing to support the expansion of Albanian company APM, a leading local manufacturer of fabricated metal products.
The funds will co-finance a €3.7 million investment plan including the purchase of machinery and equipment to support the expansion of capacity in response to growing demand from existing and new clients. The investment will also allow APM to strengthen its competitiveness and position in European Union markets through a wider product range and improved product quality.
APM is a fully owned subsidiary of Alb-Star Sh.p.k., one of the largest private construction and engineering groups in Albania.
The ENEF is a €48.5 million fund supporting established small and medium-sized enterprises (SMEs) with high-growth potential in the Western Balkans. The Fund works in cooperation with the EBRD to assess and approve projects. The EBRD is also an investor in the fund, together with the European Investment Fund (EIF), the European Union (EU), the German Development Bank (DEG), the Development Bank of Austria (OeEB) and the government of Italy.
The ENEF is part of a larger SME platform, the Western Balkans Enterprise Development and Innovation Facility (WB EDIF), established jointly by the EBRD, the European Union and the European Investment Bank (EIB) Group.
Matteo Colangeli, EBRD Head of office in Albania, said: “This is the first joint financing by the EBRD and ENEF in Albania and it represents an important milestone. We are pleased to support the growth of a dynamic Albanian company and its efforts to strengthen its position on export markets. APM’s development to date has also benefited from technical assistance from ENEF and the EBRD’s Advice for Small Business. This support will continue during the implementation of the project. We are committed to stepping up our financing to local enterprises in Albania and contributing to the competitiveness and development of the country’s private sector”.
Altin Fuga, General Manager of APM, said: “Collaboration with the EBRD and ENEF is providing us with the opportunity to progress with the development of our company. This financing is enabling higher growth in exports, where there is significant demand for our products. The EBRD and ENEF are providing APM with growth at the technological, managerial and strategic level.”
Since the start of its operations in Albania, the EBRD has invested more than €1 billion in the country through almost 80 projects. The Bank is active in all sectors of the economy, with a special emphasis on infrastructure, energy and SME development.