Tirana, Albania, December 2, 2022—A new investment by IFC will help support the expansion of modern retail property and the modernization of the retail sector in Albania. IFC will provide up to €40 million to support the expansion plans of leading retail developer Balkan Finance Investment Group (BALFIN) and its subsidiary Tirana East Gate (TEG), creating jobs, boosting local production, and promoting competitiveness in the retail market.
IFC will fund the development of new modern retail parks in the country, most of them in targeted second-tier cities, and will help expand and retrofit the TEG mall. The retail parks will introduce international brands, offering a wider range of products to local customers and tourists, as well as help local firms link into global supply chains.
The project will also support BALFIN in installing rooftop solar at the TEG mall, and in obtaining green building certifications for its retail parks.
"This agreement, once again, confirms that Balfin Group is on the right course to becoming a force of change in the industries where it operates. Our achievements so far make us confident in our future investments while IFC's support is an additional guarantee for our success," said Edlira Muka, CEO of BALFIN Group.
Modernizing Albania's retail sector will help increase business formalization in a country where the size of the informal sectors often hinders fair competition and growth for formal small and medium businesses. This investment also supports the tourism sector, as some of the targeted second-tier cities are among Albania's tourism destinations with huge untapped potential.
"We are pleased to partner with the BALFIN group and support investments in the country's retail infrastructure, creating jobs, new services, and opportunities throughout the country," said Rana Karadsheh, IFC's Regional Director for Europe. "With this investment we are also signaling our confidence in Albania's long term perspectives for socio-economic development."
Albania became a shareholder and member of IFC in 1991. We work with private sector clients, the government, and civil society to bring the benefit of our global expertise to the country through advisory services and investment projects.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About BALFIN Group
BALFIN Group (Balkan Finance Investment Group) is one of the leading investment groups in the Western Balkans region. Founded in 1993 in Vienna by Mr. Samir Mane, today, the Group has a presence in Austria, Albania, Kosovo, Bosnia and Herzegovina, North Macedonia, Montenegro, Switzerland, Croatia, and the Netherlands. BALFIN, a diversified group active in real estate, wholesale and retail, banking, asset management, tourism, media, education, and logistics, employs approximately 5,200 people. In fiscal year 2021, the non-consolidated value of BALFIN Group's total assets reached €1.65 billion. For more information, visit Web, Facebook, LinkedIn, Instagram.
