Covid-19: The strategy of NOA financial institution in support of the economy

Since the breakout of the Covid-19 pandemic, NOA financial institution has supported over 2,000 small entrepreneurs, farmers and families, whose incomes have been impacted by economic activity restrictions in recent weeks. A support that comes in the form of deferring the loan installment calendar, in accordance with the Instruction of the Bank of Albania, but also in the form of refinancing or providing new financing with gradual payments until return to normality for those entrepreneurs or families that have liquidity need in this challenging period.
The figure of 2,000 borrowers sums up a financing portfolio of about 12 million dollars. A value that proves the maximum commitment of NOA in support of the Albanian economy, and the priority set to each client profile, always offering a solution tailored to each situation.

Beyond the rigorous implementation of the Instruction of the Bank of Albania and trying to ease the financial burden for all individuals and businesses affected by Covid 19 pandemic, as a leading financial institution in the microfinance sector, NOA has aimed at providing the ongoing fast financing, accompanied by simplified procedures in supporting the return of the Albanian economy to normality as soon as possible.

It is worth noting that about 85% of NOA financing portfolio is made up of small businesses or farmers who are also most affected by the economic activity constraints of recent weeks. Therefore, the entire NOA staff, spread across the country, has never interrupted the processing of dozens of requests for financing for individuals who need additional financing during this difficult period for the entire economy.

With a special focus on financing small business, farmers and the needs of the Albanian family, NOA injects about 30 million dollars a year into the national economy that go to investments, in the creation of new job opportunities, in the increase of the production capacities, in financing the rural economy and raising living standards for thousands of Albanian clients. These funds represent private financing lines provided in international financial markets, which otherwise would not be injected into the Albanian economy without the mediation of the financial institutions, such as NOA.

NOA financial institution, with 21 years of activity, is licensed and monitored by the Bank of Albania. Moreover, certified by the European Union as an institution that implements the best European microfinance practices, NOA is one of the private institutions with 100% foreign capital that applies the highest standards to the Albanian borrowers. As such, NOA is committed to remaining a leading institution in financing the country's economic recovery by responding with advantageous financial products to every need of the small entrepreneur and the Albanian farmer.