Bank of Albania and the European Investment Bank Strengthen their Cooperation in regard to Green Finance
The Bank of Albania and the European Investment Bank (EIB) today signed a historic cooperation agreement aimed at developing green finance and supporting sustainable economic growth in Albania. This agreement, part of the EIB’s Green Finance Systems Program, seeks to strengthen the resilience of the Albanian financial system by integrating climate risks into the regulatory framework and preparing Albania for aligning its standards with those of the European Union.
The programme includes the development of a Green Taxonomy for classifying resilient economic activities, supporting banks in mobilizing funds for green projects, as well as building capacity for managing climate risks and preparing the financial sector to implement international best practices in sustainable finance.
This initiative represents a significant step toward building a financial system that supports the transition to a green and sustainable economy. It provides a solid foundation for enhancing the capacity of Albania’s financial sector while creating opportunities for investments that contribute to environmental protection and the reduction of climate risks. Furthermore, it reflects the importance of inter-institutional cooperation to align practices with international best standards, paving the way for Albania toward a more sustainable and secure future.
The signing ceremony took place at the Bank of Albania’s premises in Tirana, in the presence of the EIB Vice President, Mr Robert De Groot, the Governor of the Bank of Albania, Mr Gent Sejko, and the EU Ambassador to Albania, H.E. Mr Silvio Gonzato. This strategic cooperation represents an important step toward achieving the green transition and advancing Albania’s agenda for EU integration.
During his speech, the Governor of the Bank of Albania, Mr. Gent Sejko, said: "The Bank of Albania has undertaken significant steps to strengthen the financial sector’s capacities in managing climate risks. Collaboration with the European Investment Bank – an institution with profound expertise in sustainable finance – enables us to advance green finance by aligning our policies with the best European standards and building a financial system that responds to the challenges of stable development. The signing of this agreement is a strong evidence of our commitment to advancing green finance and building a financial system that supports the transition to a sustainable and resilient economy. The Green Taxonomy to be developed under this cooperation will help channel funds toward environmentally impactful investments, enhancing transparency and financial sustainability."
During his speech, the Vice President of the European Investment Bank, Robert de Groot, responsible for the Western Balkans, said: “This signing marks a decisive step in the deepening of the long-standing partnership between the EU Bank and Albania. Through the EIB Green Financial Systems programme, we will enable the Bank of Albania to incorporate climate risks into the country's regulatory framework, while developing the green taxonomy for the financial sector, in line with the Paris Agreement. By implementing a green taxonomy, we can work together toward a more sustainable, inclusive, and resilient economy. This alignment not only addresses environmental challenges but also unlocks opportunities for long-term growth and prosperity.”
Hubert Perr, Head of Cooperation at the EU Delegation to Albania, said: “The EU in Albania is supporting the strengthening of the partnership between the Bank of Albania and the EIB, the EU’s climate bank. Today’s signing of the agreement on greening Albania’s financial systems marks an important step in aligning the country with the EU Green Deal and its sustainable finance agenda, which is also part of Albania’s EU integration and negotiation process. We hope this programme will unlock new funding opportunities and foster green investments among Albanian companies, helping them adopt transition strategies to mitigate climate risks. In turn, this will drive sustainable and climate-resilient growth in Albania’s economy. It all aligns with EU’s broader efforts in Albania to boost economic development and sustainability, particularly through the EU Growth Plan.
During his visit to the Bank of Albania, Vice President Robert de Groot also held an official meeting with the Governor of the Bank of Albania, Mr Gent Sejko. In this meeting, they discussed on the strategic priorities of green finance in Albania. More specifically, the discussion focused on the importance of international cooperation to improve the resilience of the Albanian financial system and address climate challenges, in line with both national and international objectives.