USAID Awards FSVC $1.2 Million Grant
Funds extend successful Financial Sector Development Program in Albania

Tirana, April 8, 2008     The U.S. Agency for International Development (USAID) has awarded the Financial Services Volunteer Corps (FSVC) an additional $1.2 million to extend its highly successful Financial Sector Development Program in Albania for three years. These funds will facilitate the continuation of FSVC’s efforts to strengthen Albania’s financial sector institutions and promote economic growth.

“USAID fully supports the efforts to strengthen Albania’s financial sector,” said Edward T. Landau, Mission Director of the USAID Mission in Albania, “The financial sector has made significant advances over recent years and we are happy to continue our productive partnership with FSVC to deepen and broaden reforms for improving Albania’s economic performance into the future.”

“FSVC is deeply appreciative of the continued support from USAID,” said J. Andrew Spindler, President and CEO of FSVC.  “This grant allows FSVC to continue to assist in Albania’s financial market reform, which has a direct impact on the wider Albanian economy and society as a whole.” 

Throughout the renewed three year program, FSVC will execute approximately 25 individual projects with the participation of expert volunteers from leading financial institutions. Through highly-focused seminars, on-site consultations, legal commentaries and training programs, these projects will strengthen the Banking Supervision Department of the Bank of Albania and develop well-trained and competent staff; support the current initiatives of the Financial Supervisory Authority (FSA) to build capital markets in Albania as a source of non-bank finance for the private sector; and help to institutionalize the actuarial profession in Albania, in co-operation with the FSA and the Albanian Actuarial Association.

With strong support from USAID, FSVC has been working in Albania since the mid-1990s.  During this time, FSVC’s core focus has been on strengthening central banking operations and assisting the launch of a deposit insurance scheme.  Most recently, FSVC volunteers, in cooperation with the UK Institute and Faculty of Actuaries and the University of Tirana, carried out an actuarial training and certification program, leading to the graduation of eight licensed actuaries in Albania and Kosovo.

For more information about USAID programs, please visit www.usaid.gov/al. For more information on FSVC, please visit our website at www.FSVC.org.

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