Photo Credit: USAID/Albania   Albania’s first class of professional actuaries received certificates for completing an intensive actuarial training and certification program sponsored by USAID. The program is now working to establish the a Society of Actuaries to support the development of the profession in Albania.

Albania Financial Sector Development

Duration: March 2008 - March 2011

Partners: Financial Services Volunteer Corps   
               Bank of Albania
               Financial Supervisory Authority
               Albanian Actuarial Association

Geographical Focus: National

Description:
USAID’s  Financial Sector Development Program seeks to strengthen Albania’s financial sector stability and increase public confidence in the banking system in order to increase the flow of capital to the private sector.

The institutional development of the Bank of Albania (BOA) has been the central focus of this program, through which USAID strengthens the BOA’s risk management processes, improves the quality of research and statistics, contributes to the implementation of sound monetary policy, and increases the ability of bank supervisors to efficiently and effectively inspect commercial banking activities.

USAID is currently assisting Albania’s Financial Supervisory Authority (FSA) to build capital markets as a source of non-bank finance for the private sector. Recent activities are focused on facilitating the start of stock market activity and the issuance and grading of debt capital markets.

As Albania’s insurance industry develops, there is an increasing need to have certified actuaries as insurance regulators and practitioners. Thus, USAID’s program, in cooperation with the FSA, supports the development of an Actuarial Society which will provide continuing education for actuarial graduates.

USAID’s assistance has played a crucial role in helping BOA and Deposit Insurance Agency meet a number of qualitative targets set by the World Bank under a Financial Sector Adjustment Credit.