Remarks on Financial Sector Growth in Albania

Remarks of USAID Mission Director, Edward T. Landau
Actuarial Training and Certification Program Graduation Ceremony
December 6, 2007
Tirana, Albania

Distinguished speakers, private sector representative, ladies and gentlemen,

Good evening. It is my pleasure to be with you all tonight for this auspicious occasion.

On behalf of the United States Agency for International Development, I would like to congratulate you on completing Albania’s first, internationally-recognized Actuarial Training and Certification program. With the completion of this challenging curriculum, you have prepared yourselves to be competitive in a highly-prestigious and sought after profession.  I wish you the best of luck.

Since 1992, USAID has supported Albania’s road to a market-driven democracy based on the rule of law with programs that stimulate economic growth, strengthen democratic institutions and processes, and support key health and social sector reforms. Key to this process has been the development of a safe, stable and supportive financial environment, necessary for the formation and growth of businesses.

For the last five years, in partnership with the Financial Services Volunteer Corps (FSVC), USAID has provided assistance to the Bank of Albania, the Deposit Insurance Agency and the Insurance Supervisory Authority to help improve Albania’s financial regulatory environment, strengthen public confidence in the banking system, and provide a more secure, efficient and transparent financial system to meet the credit, savings and insurance needs of businesses and individuals.

Over the last three years, Albania has experienced a 38 percent increase in the value of bank deposits and a 40 percent increase in the value of loans. These figures demonstrate that this country is building a stronger and sounder financial system, one that has gained the trust of citizens and foreigners, and is accelerating investment in Albania’s development.

Albania’s non-banking sector is also growing rapidly and providing more services to its customers. Underlying this growth is a strong demand for a highly skilled and competitive workforce.

Programs like the one we are celebrating today are producing these individuals. Today, Albania has a cadre of certified professional actuaries. Having qualified staff, functioning institutions, diverse and innovative products, and the right policy framework are pieces to the puzzle forming a dynamic financial sector.

I would like to thank the Financial Supervisory Authority and the University of Tirana for supporting this program, the U.K. Institute of Actuaries for lending your time and expertise, and USAID’s partner, the Financial Services Volunteer Corps, for the many years of dedication and excellent service to Albania.

I wish our new actuaries great success in their future and everyone a delightful evening.