Minister of Economy and Innovation, Delina Ibrahimaj, announced on Wednesday that the “Double Your Entrepreneurship” program will officially start for all Albanian businesses as of July 1.

In a statement to the media after the meeting of the Council of Ministers, Ibrahimaj announced that the program aims to support entrepreneurship in all regions of the country.

“The program will be open as of July 1, and it is very important that businesses are informed about the opportunities and potential they have to be financed through this instrument,” the minister said.

The minister informed that the program has been made possible in cooperation with the Bank of Albania, which has made available a fund of Euro 250 million, while the Albanian government has added a sovereign guarantee that covers up to 70% of the collateral for businesses.

According to Ibrahimaj, this scheme will enable loans with interest rates of 2 to 3%, depending on the level of risk, aiming to increase access to financing for small and medium-sized businesses (SMEs).

The target entrepreneurs are small and medium-sized businesses, which make up the vast majority of Albanian production, services, and employment. The focus is on investment in technology, digitalization, energy efficiency, and the agricultural sector.

The program offers access to subsidized credit lines and sovereign guarantees, while the government offers grants to help businesses prepare their investment projects and business plans for the banks.

Furthermore, the Council of Ministers has revised the National Employment Strategy, with a focus on expanding the “Youth Guarantee” program. Minister Ibrahimaj said that this instrument aims to increase employment opportunities and professional development for young men and women in the country.

The Council of Ministers also approved the “Hospitality Albania” program, which will be managed by the Albanian Investment Corporation.

Ibrahimaj noted that the program foresees the administration of government villas in Vlora and Velipoja, with the aim of requalifying and more efficient use of state assets, in cooperation with the private sector.