TIRANA, FEBRUARY 9, 2012 Today, USAID held an event to mark the launch of a new four year, $3.4 million program, that will provide support to the Bank of Albania and Albania’s Financial Supervisory Authority.  Assistance will support the institution’s supervision of Albania’s banking and insurance sectors which is important for economic stability and growth.  USAID/Albania Mission Director, Joseph Williams, FSVC President and CEO, J. Andrew Spindler, and the Governor of the Bank of Albania, Ardian Fullani delivered remarks at the event.
About the Financial Sector Development Program in Albania (2011-2015):

USAID’s Financial Sector Development Program, a four year, $3.4 million program, seeks to strengthen Albania’s financial sector stability and increase public confidence in the banking system in order to stimulate private sector growth, foreign direct investment, and job creation.

The program funds 10-15 short-term missions per year to work with the Bank of Albania and Albania’s Financial Supervisory Authority to build the capacity of the institutions and personnel on risk management and supervision of commercial banking and insurance companies.  Over the next year, the project will conduct among other activities, consultations on 1) creating the IT Architecture for the Deposit Insurance Agency; on 2) corporate governance for bank supervision departments, and on 3) early warning systems with the Financial Supervisory Authority which regulates the insurance market.  In June, the project will support a week-long study tour to the U.K. for actuaries.

About Financial Services Volunteer Corps (FSVC):
FSVC is a not-for-profit, public-private partnership whose mission is to help build the sound financial systems needed to support robust market economies in transitional and developing countries.  Sound financial infrastructure is essential to support private entrepreneurship, promote job creation, mobilize domestic savings, attract foreign investment, and create conditions that promote lasting economic opportunity.