BoA twinning project with EU / Sejko: Albanian banking practices according to the best European standards

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The virtual completion ceremony of the Twinning Project "Strengthening the capacities of the Bank of Albania in the framework of approximation with the legislation of the European Union (EU)" took place today.

This project was presented in December 2019 and was funded by European Union funds, under the Instrument for Pre-Accession Assistance (IPA II) of 2015, following the previous project "Identification of needs for the approximation of the Bank of Albania ”- conceived and led by the European Central Bank, in partnership with 11 Central Banks of the European Union.

The project was implemented by the Bank of Albania, the Bank of Italy and the Bank of Germany, as well as certain components of it were implemented by the Bank of France and the National Bank of Romania. It had as its primary goal, the improvement of the working practices of the Bank of Albania and their integration with the practices of the European System of Central Banks, and thanks to the training of the Bank of Albania experts, it aimed to bring the EU expertise and experience of both from the founding countries of the EU for the benefit of the Albanian Banking System, thus helping in the economic integration of the country with the EU.

The closing ceremony of this project was opened by the greeting words of the Governor of the Bank of Albania, Gent Sejko; EU Ambassador Luigi Soreca; the Deputy Governor of the Bank of Italy, Daniele Franco; the Ambassador of Italy to Albania, Fabrizio Bucci; the Ambassador of Germany to Albania, Peter Zingraf.

Governor Sejko said that despite the emergency situation created due to the COVID-19 pandemic in the first part of 2020, through adaptation to the new way, that of distance working, we managed to complete the project successfully and on time. .

Following, the Governor presented an overview of the Twinning Project, where he stressed that it included 8 departments of the Bank of Albania, addressing important central banking issues, summarized in 5 components such as: banking supervision and financial stability; monetary policy and statistics; internal control; payment systems; as well as other functions, such as human resources and European integration.

During the implementation of the Twinning Project, 105 missions were carried out, including 73 experts of the central banks in the EU, as well as a considerable number of employees of the 8 departments of the Bank of Albania. All the results planned in the project were fully realized and each of the components of the project was reflected in a number of measurable results, in the form of regulatory documents. 29 different documents were drafted, such as regulations, bylaws, manuals and guidelines.

Governor Sejko added that the undertaking of such projects clearly underlines the mutual commitment of the EU and Albania in terms of deepening integration processes with the main objective of aligning the legal, regulatory and operational framework of the Bank of Albania with that of the European Banking System. Central.

Further, the Governor underlined that the Bank of Albania remains committed to its path of rapid convergence with the model of the European System of Central Banks and expressed confidence that this is the best contribution for the country in the process of integration into the European Union - a strategic objective that we have included in our work plans for 2021 and beyond.

"I am confident that our cooperation will continue in the future and the support and leadership of Europe will accompany us in every step we take towards integration into the common European family," the Governor added.

While the EU Ambassador in Tirana, Luigi Soreca in his speech on this occasion expressed his readiness to continue the support from the BoA.

"Ready to continue supporting the Bank of Albania, an essential actor in Albania's EU integration process. "COVID-19 represents an unprecedented challenge for Albania in terms of economic growth and financial stability," said Soreca.

"The EU has provided more than 230 million euros in financial support to Albania to help economic recovery and support social inclusion. "Once again, I emphasize European solidarity and the determined commitment to Albania," said Ambassador Soreca.

During their speech, the Ambassadors praised the work done by the Bank of Albania in terms of preserving and guaranteeing the financial system in the country, especially in these difficult times created by the COVID-19 pandemic.

They stressed that, through monetary policy instruments, the Bank of Albania has played an essential role, continuously providing the necessary economic incentives. Also, thanks to the measures taken by the Bank of Albania, the premises have been created for a faster recovery of the economy in the following period. Among other things, they added that the Bank of Albania is an institution that has played a prominent role through the continuous contribution given to the path of European integration of the country.

In conclusion, the ambassadors congratulated the Bank of Albania for the successful completion of the Twinning Project "Strengthening the capacity of the Bank of Albania in the framework of approximation with the legislation of the European Union" despite the challenges of 2020. 

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