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Credit to public enterprises falls 25 percent last year

2024-01-04 12:19:48Biznes SHKRUAR NGA REDAKSIA VOX

Credit to public enterprises falls 25 percent last year

The loan portfolio of public enterprises fell significantly last year.

According to data from the Bank of Albania, at the end of November 2023, the loan was worth 17.7 billion ALL, down 25.5% compared to the same period a year ago. The main factor that has shrunk borrowing in this market segment seems to have been the positive year for the energy sector and the lower need for electricity imports.

According to INSTAT data, for the 9th month of 2023, electricity imports fell by 50% compared to the same period a year ago. Meanwhile, energy production in the country increased by 32% for the same period, significantly improving the state of accounts of companies in the sector.

The energy sector has a dominant weight in the loan portfolio drawn by public sector enterprises. At the end of November, loans to energy sector companies accounted for more than 90% of the total borrowing of public enterprises. The value of the loan decreased to ALL 16 billion, down 24.5% compared to the same period a year ago.

For the most part, the credit of energy sector companies is covered by sovereign guarantees from the Albanian government. Based on the data of the Ministry of Finance and Economy, the value of the guaranteed loan for the Albanian Energy Corporation, the Electricity Distribution Operator and the Universal Redemption Supplier at the end of September 2023 was about ALL 12.1 billion.

Another factor that has had a parallel negative effect has been the effect of the exchange rate. The appreciation of the Lek has also shrunk the value of the foreign currency loan portfolio of public enterprises.

In addition to energy sector companies, the rest of the loan portfolio of state-owned companies mainly belongs to specific water and sewage companies in the country. The loan portfolio in this segment at the end of November was worth 1.3 billion ALL, down 7.7% compared to the same period a year ago.

Lending to the economy in general last year maintained positive growth rates, but due to the effect of the exchange rate, the growth of the loan portfolio was low, with around 0.3% at the end of November. Stripped of the effect of the strengthening of the lek, credit growth would still be at relatively high levels. The credit surplus is more affected by the exchange rate effect, since the foreign currency portfolio accounts for almost half of the total.


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