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BRIEF HISTORY of Developments leading to
the Foundation of FAF-DC
FAF-DC has been
founded as a successor to the Mountain
Areas Finance Fund (MAFF),
established by the Government of Albania
in 1999 as a not-for-profit foundation,
and since
2002 with status as a non-bank financial
institution supervised by Bank of
Albania
to perform financing
activities, initially within the
framework of Mountain Areas Development
Programme (MADP), loan-financed by the
International Fund for Agricultural
Development (IFAD), and in 2007 followed
by the Programme for Sustainable
Development in Rural Mountain Areas (SDRMA),
also loan financed by IFAD.
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The
original mandate of MAFF
was to provide credit on a sustainable
basis to clients living and working in
the relatively poorer and marginal
mountain areas of Albania. As an
instrument for loan-financed IFAD
development programmes, MAFF was funded
from these programmes, through IFAD
loans to the Government of Albania |
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During recent years MAFF
has developed into an efficient and
well-functioning financial institution,
successfully building up a reasonably
sized loan portfolio at a satisfactory
risk quality level, thus making a
significant contribution to economic
growth in Albania. The organisation has
established a sound track record as a
proactive supplier of credit to MSMEs. FAF-DC
has been established
to secure a continuation
of these activities, and to provide a
wider range of financial services – with
the support of a strategic investor.
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