599428 - Albania Debt Resolution

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Summary of Advisory Services Project Information

Project Number

599428

Primary Business Area

Investment Climate

Disclosure Date

Mar 13, 2014

Country

Albania

Region

Europe

IFC Approval Date

Dec 27, 2013

Status

Completed

Estimated Total Budget

$879,500.00
(Project budget includes all project-funded activities)

Last Updated Date

Jun 12, 2021

Project Estimated End Date

Dec 31, 2016

Project Description

The Project will work towards identification of the key legislative obstacles to the implementation of viable debt resolution mechanisms and then supporting the improvement and implementation of such legislation. The emphasis of reform will be on promoting rehabilitation of viable companies and increasing loan recovery. The Program will also help develop provisions for fast-track recognition of negotiated out-of-court workouts for Albanian framework and will work on the review of the insolvency and other provisions to allow and promote pre-packaged solutions; on design and implementation of special filing and hearing procedures; and incentives that would encourage debtors and creditors to opt for out-of-court resolutions approved by the court in an expedited fashion. The Program will also work on enhancing the capacity of relevant professionals such as judges, attorneys and business people, through training on the principles of bankruptcy and insolvency, valuation and maximization of assets. It will encompass activities and events that would lead towards increased awareness of each of the stakeholders' roles and responsibilities, as well as of the individual and overall benefits of exercising the opportunity for debt resolution (versus liquidation).

Development Results

The objective of the Program is to improve the legislative and regulatory environment by providing support to institutions to implement better procedures and by disseminating information to businesses and market players on effective debt resolution mechanisms. This is expected to: (i) facilitate the restructuring of viable firms in financial distress, thus preserving viable businesses; (ii) increase the returns to creditors, measured as a percentage of recovered assets, (iii) improve the efficiency of asset allocation from failed businesses to more productive ones; and (iv) increase the confidence among lenders and improve access to credit for new and existing businesses, particularly SMEs.

Indicator	Calendar Year 2020 Results	Cumulative Results as of 2020
Number of entities receiving advisory services	Not Available	7
Number of participants in workshops, training events, seminars, conferences, etc.	Not Available	6,352
Number of participants providing feedback on satisfaction	Not Available	1,948
Number of participants reporting satisfied or very satisfied with workshops, trainings, seminars, conferences, etc.	Not Available	1,710
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed	Not Available	13
Number of women participants in workshops, training events, seminars, conferences, etc.	Not Available	571
Number of workshops, training events, seminars, conferences, etc.	Not Available	236
Number of media appearances	Not Available	53
Number of new laws/regulations/amendments/codes/government policies drafted, or contributed to the drafting	Not Available	15
Number of entities that implemented recommended changes	Not Available	5
Number of firms that benefit from debt resolution and business exit processes	Not Available	933
Number of insolvency cases resolved through the improved insolvency regime	Not Available	933
Number of recommended laws/regulations/amendments/codes enacted or government policies adopted	Not Available	12

E&S Risks / Impacts and Mitigation

Performance Standard	Description and Potential Impact	Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts	As part of its Due Diligence, and as mandated by IFC's Sustainability Policy, IFC team has screened this project to assess consistency with IFC's Performance Standards. The principles of the relevant Performance Standards have been applied to the project design. Environmental and social risks will continue to be reviewed throughout the life-cycle of the project.	IFC's advice will be provided in a manner consistent with the principles of the relevant Performance Standards. The IFC team will assist the client, as the final decision maker, in gaining a good understanding of IFC's Performance Standards and will provide recommendations for appropriate mitigation measures whenever warranted.

This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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