Albania and the EBRD have signed a Memorandum of Understanding aimed at re-energising the country’s economic reform process.
Under the agreement, the two parties will use a range of instruments to improve policy dialogue between the private sector and government, with the aim of fostering both domestic and foreign investment.
Its objectives are to strengthen the legal framework in the country, including through improvements to dispute resolution mechanisms, and to tackle corruption and raise standards of transparency in the corporate and banking sectors.
The Memorandum of Understanding provides a framework for cooperation between the EBRD and the government of Albania in support of the country’s new National Economic Council, which aims to improve the development of the private sector, strengthen the business and investment climate and promote good governance.
As a first step, the EBRD will help to establish an independent Investment Council that brings together businesses and policy-makers, and which will advise the National Economic Council.
Albania’s Prime Minister Edi Rama said, on signing the document: “By signing this agreement we are taking a major step forward in unleashing the economic potential of this country. Creating the right business environment is as critical as ever today and we are confident that we will make rapid progress with the EBRD’s support.”
EBRD President Sir Suma Chakrabarti, who signed the Memorandum on behalf of the Bank, added: “This is an important step forward and we applaud the Albanian authorities for their courage in tackling head-on the challenges that the country is facing. This sets an example for the region and beyond. The EBRD stands ready to support all efforts to re-energise transition firmly and with determination.”