Remittances 1.1 billion Euros per year, are used for consumption – Majko: It is too late to return them to investments
On the International Remittances Day, the Minister of State for Diaspora Pandeli Majko drew attention to the fact that Albania is too late to efficiently channel this very important financial flow. Remittances, according to him, have for years accounted for about 12% of Albania’s Gross Domestic Product with an average of 1.1 billion euros each year, while used mainly to cover the consumption needs of households in construction, education and health. Majko said during the activity held on this day by the Ministry of Diaspora and the Bank of Albania that the State is looking for the necessary ways for this cash flow to be invested in the economy, while announcing the establishment of the Diaspora Bank together with Kosovo.
Deputy Minister of Finance Vasilika Vjero brought to attention some of the initiatives that are being taken for this purpose, such as the bonus of 5 thousand euros for emigrants investing in Albania. Vjero also talked about creating a network of agents who will also receive bonuses from the state for any subject they will convince to invest in the homeland.
Remittance flows contracted during the early stages of the pandemic, but normalized during the first months of this year.
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