The Albanian government has set up a fund to support female entrepreneurs and help them gain access to financing, local media reported Friday.
The Fund in Support of Women Entrepreneurs, with its initial allocation of more than 2.5 million leks (23,250 U.S. dollars), will be supported by the state budget and various donors, including international financial institutions, the Albanian Telegraphic Agency (ATA) reported.
The fund will be used to subsidize the interests of loans extended to women who run micro, small and medium-sized enterprises, which can cover 50 percent of their interests for four years.
The fund, which will be closely monitored by the Albanian Investment Development Agency, is expected to overcome such barriers hindering female entrepreneurship such as limitation of financial resources and family constraints.
Female entrepreneurs will benefit most in the sectors of manufacturing, services, tourism, research and development, agri-processing, designing, modelling and craftsmanship, the ATA said.
Currently, only 19 percent of business managers in Albania are women.