Albania MSME Finance for Growth Assessment

Despite being the backbone of the Albanian economy, micro, small and medium sized enterprises(MSMEs) face difficulties in accessing finance which impedes their growth. MSMEs in Albania aresignificant contributors to the economy. In 2016, MSMEs comp...

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Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	ACCESS TO FINANCE SMALL AND MEDIUM SIZE ENTERPRISE MICROENTERPRISE MICROFINANCE BANKING NON-BANK FINANCIAL INSTITUTIONS SME FINANCE FINANCIAL INFRASTRUCTURE REGULATION
Online Access:	http://documents.worldbank.org/curated/en/492421531243270171/Albania-MSME-finance-for-growth-assessment http://hdl.handle.net/10986/30123

id	okr-10986-30123
recordtype	oai_dc
spelling	okr-10986-301232021-05-25T09:16:28Z Albania MSME Finance for Growth Assessment World Bank Group ACCESS TO FINANCE SMALL AND MEDIUM SIZE ENTERPRISE MICROENTERPRISE MICROFINANCE BANKING NON-BANK FINANCIAL INSTITUTIONS SME FINANCE FINANCIAL INFRASTRUCTURE REGULATION Despite being the backbone of the Albanian economy, micro, small and medium sized enterprises(MSMEs) face difficulties in accessing finance which impedes their growth. MSMEs in Albania aresignificant contributors to the economy. In 2016, MSMEs comprised 99.9 percent of active enterprises and 81 percent of the total number of employed people. According to the World Economic Forum Global Competitiveness Report access to finance is the third biggest constraint in Albania for enterprise development and competitiveness after tax rates and corruption. This is in line with a recent EC survey which found that only 17 percent of MSMEs believe that there are no obstacles to obtaining finance, a number significantly lower than in other comparableeconomies. The number of MSMEs having used bank financing is low compared to the EuropeanUnion (EU) average at 29 percent for overdraft/revolving facilities and 14 percent for other bankloans respectively. At the same time, the number of Albanian MSMEs which financed their operationsfrom retained earnings stands at 24 percent, while 15 percent stated using informal third-party finance (family, friends, etc). The MSME sector is generally characterized by high informality (especially in agriculture), limited availability of collateral, low levels of financial capability, and limited uptake of digital transactions. 2018-08-02T21:17:15Z 2018-08-02T21:17:15Z 2018-06 Report http://documents.worldbank.org/curated/en/492421531243270171/Albania-MSME-finance-for-growth-assessment http://hdl.handle.net/10986/30123 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Albania
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCESS TO FINANCE SMALL AND MEDIUM SIZE ENTERPRISE MICROENTERPRISE MICROFINANCE BANKING NON-BANK FINANCIAL INSTITUTIONS SME FINANCE FINANCIAL INFRASTRUCTURE REGULATION
spellingShingle	ACCESS TO FINANCE SMALL AND MEDIUM SIZE ENTERPRISE MICROENTERPRISE MICROFINANCE BANKING NON-BANK FINANCIAL INSTITUTIONS SME FINANCE FINANCIAL INFRASTRUCTURE REGULATION World Bank Group Albania MSME Finance for Growth Assessment
geographic_facet	Europe and Central Asia Albania
description	Despite being the backbone of the Albanian economy, micro, small and medium sized enterprises(MSMEs) face difficulties in accessing finance which impedes their growth. MSMEs in Albania aresignificant contributors to the economy. In 2016, MSMEs comprised 99.9 percent of active enterprises and 81 percent of the total number of employed people. According to the World Economic Forum Global Competitiveness Report access to finance is the third biggest constraint in Albania for enterprise development and competitiveness after tax rates and corruption. This is in line with a recent EC survey which found that only 17 percent of MSMEs believe that there are no obstacles to obtaining finance, a number significantly lower than in other comparableeconomies. The number of MSMEs having used bank financing is low compared to the EuropeanUnion (EU) average at 29 percent for overdraft/revolving facilities and 14 percent for other bankloans respectively. At the same time, the number of Albanian MSMEs which financed their operationsfrom retained earnings stands at 24 percent, while 15 percent stated using informal third-party finance (family, friends, etc). The MSME sector is generally characterized by high informality (especially in agriculture), limited availability of collateral, low levels of financial capability, and limited uptake of digital transactions.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Albania MSME Finance for Growth Assessment
title_short	Albania MSME Finance for Growth Assessment
title_full	Albania MSME Finance for Growth Assessment
title_fullStr	Albania MSME Finance for Growth Assessment
title_full_unstemmed	Albania MSME Finance for Growth Assessment
title_sort	albania msme finance for growth assessment
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/492421531243270171/Albania-MSME-finance-for-growth-assessment http://hdl.handle.net/10986/30123
_version_	1764471270030704640

Albania MSME Finance for Growth Assessment

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