Raiffeisen Bank and KfW Credit Guarantee Framework Agreement for the facilitation of financing of Small Hydro Power Plants in Albania

17.8.2009

Raiffeisen Bank has signed today an agreement with KfW for support for the financing of small Hydropower Plants in Albania. This agreement was signed on behalf of Raiffeisen Bank by Oliver J. Whittle, CEO of Raiffeisen Bank in Albania and Ms. Ute Rodrian, Director of the Regional Office for Albania, Kosovo and Macedonia on behalf of KfW. In this ceremony participated representatives from the Ministry of Economy and the Agency of Natural Resources.

Mr. Whittle welcomed the signing of this agreement with KfW as this will facilitate the process of crediting of the energy sector in Albania.

“It is my pleasure to sign this important agreement with KfW as this will give us more flexibility for crediting the energy sector in Albania. KfW will guarantee the investors operating in the energy sector building small Hydropower Plants while Raiffeisen Bank will provide them loans”, said Oliver Whittle in front of the journalists and other interested parties.

Raiffeisen Bank in Albania is the leader in the loans market and is the largest bank involved in infrastructure projects. This agreement will mean more credits for the investors involved in building small HEC-s up to 10 Megawatt. KfW will support the bank which will enable Raiffeisen Bank to consider lending to more new Hydropower projects.

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Raiffeisen Bank in Albania is the largest bank in the country and occupies the number one position on all major key performance indicators. Its asset base is close to 2 billion euros and it has a network of 101 branches throughout the country. 180 ATM`s, 900 POS terminals and a team of mobile bankers gives the Bank a comprehensive distribution network almost 3 times larger than its nearest competitor.