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Introductory words by the Administrator
Th e year
2010 has been a diffi cult year for the
global and regional economy. Th e fi
nancial system in Albania, where the
First Albanian Financial Development
Company “FAF”-DC operates with its
network of branches is still isolated
from capital markets and the fi nancial
intermediaries but despite this fact FAF-DC
has a relative good performance compared
to their analogue institutions in the
developed countries. FAF-DC is a non
bank fi nancial institution, which off
ers its products based on the principles
of mutual transparency and interpersonal
relationships with clients, such
policies, which have minimized the risk
of the diffi cult economic situation of
the year.
During this year, FAF-DC has contributed
signifi cantly to economic growth in the
mountain areas, generally the poorer
areas of the country by providing its
target clients access to appropriate and
sustainable fi nancial services
consistent with their investment needs
and business objectives.
FAF-DC has steadily improved its
infrastructure and has also successfully
performed all agreements with the
Albanian Government, IFAD (SDRMA) and
CEB, demonstrating a good performance in
the management of its operations and of
human resource capacities.The year 2010
has been a successful year in terms of
realization of the new loan agreement
between the Government of Albania and
the CEB, where out of Euro 5 million
approved in 2009, Euro 3 million have
been disbursed providing loans to our
clients.
During 2010, FAF-DC with the loans
provided to our clients has created
about 2128 new jobs, thus adding many
other components of economic and social
impact integrated to the value chain
FAF-DC is
in the process of fi nding a strategic
investor and partner, undertaking the
restructuring of the company capital, a
very important challenge that requires a
great eff ort by all of us. For the FAF-DC’s
achievements during 2010, I’d like to
greet and express my gratitude to our
customers for their trust, the
Government of Albania, the Board of
Supervisors, the company’s staff , the
shareholder and our donors IFAD and CEB
for the fruitful cooperation
.
Tirana, May 2011
Dr. Sc. Bajram Korsita
Administrator
FAF DC
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