November 27, 2006 - The signing ceremony for the Financing Agreement of US$ 9.3 million for the Business Environment Reform and Institutional Strengthening Project (BERIS) took place today in the Ministry of Finance. The agreement was signed by the Minister of Finance, H.E. Ridvan Bode and the World Bank Country Manager for Albania, Mr. Nadir Mohammed. The ceremony was held in the presence of the Deputy Minister of Economy, Mr. Enno Bozdo, and senior government officials. The BERIS project will support the Government’s efforts to strengthen the public sector’s capacity to improve the business environment to attract investments and foster exports. The BERIS project is financed by a Credit and a Loan, blending IDA and IBRD resources for an amount of US$ 3.7 million and US$ 5.6 million respectively, marking the first ever IBRD loan for Albania. The total project cost is US$ 9.8 million, with the remaining US$ 0.5 million to be financed by the Government of Albania. The Government of Albania recognizes that long-term economic growth of Albania requires a business environment conducive to export-led private sector growth. Several barriers affect the business environment and the prospects for sustained economic growth in Albania. Unfair competition and practices, non-supportive regulatory practices, and bureaucratic and administrative barriers are still significant. Imports continue to increase, while exports are low, resulting in a widening trade deficit. The BERIS Project aims to address these challenges by supporting improvements in the business environment. This operation will assist the government to facilitate business entry and operations in the formal economy and to strengthen the enterprise sector’s capability to increase exports towards the region and the EU. By the time the project is completed, it is expected that cost of doing business will be reduced, along with the amount of time and number of steps necessary for businesses to comply with regulations affecting business entry and operations. Since Albania joined the World Bank in 1991, Bank commitments to the country total approximately US$ 855 million for 61 operations. For more information about the World Bank work in Albania:
http://www.worldbank.org.al
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