The German Embassy in Tirana will continue its financial support for small businesses in Albania as support on the country's path towards the European Union.

The German Embassy announced on Saturday that it has been supporting the development and growth of small and medium-sized enterprises (SMEs) in Albania for more than 10 years.

According to the embassy, ??a very important part is the support through the German Development Bank KfW for the Albanian Development Guarantee Foundation (ADGF) with more than Euro 40 million, which during the first decade of its existence has provided over 33,000 loans to entrepreneurs.

The German Embassy emphasizes that this has enabled “financial injections” for businesses that would otherwise not have been realized, thus promoting innovation, growth, improved competitiveness, and especially a transformation in rural areas and a greater commitment to environmental protection.

“We are happy that the EU, as a co-founder of the ADGF, will be even more engaged in the future, enabling many more businesses to benefit from loan guarantees,” the German embassy said in a post on social media.

According to the announcement, the support goes to preparing small and medium-sized enterprises for the requirements of the EU internal market.