October 6 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved a loan of 500,000 euro ($495,784) to Albania's Crimson Finance Fund (CFFA) to expand the fund's lending portfolio.
The loan will help CFFA increase lending to local micro-, small- and medium-sized enteprises (MSMEs), the EBRD said in a project summary document on Wednesday.
Furthermore, the EBRD will guarantee for up to 36 months up to half of a 1 million euro loan provided by Albania's Union Bank to CFFA for the expansion of its lending portfolio.
Crimson Finance Fund Albania is a non-bank financial institution which offers term loans, lines of credit, financial leasing and factoring to MSMEs in Albania.
($ = 1.00850 euro)