Microcredit in Albania, an instrument of social cohesion within the EU context

ongoing

Microcredit has emerged at the European level as a crucial policy tool to fight against social and financial exclusion, promote self-employment and support microenterprises. The European Union pays special attention to microfinance issues to reach sustainable economic development. Microfinance issues have a large and important social impact, and as such, initiatives that cover an as large as possible group of vulnerable people are needed. Microcredit initiatives require an increase in civic awareness and an increase in knowledge of financial policies related to the microfinance. The MAISCO–EU is designed to help EU initiatives to support the educational and personal development of people in education and training through lifelong learning contributing to sustainable economic development. In the context of the economic crisis and growing inequality that Europe has faced in the last years, the role of microfinance becomes even more important. Nonetheless, today in Europe there remains a significant, unmet demand for people and microenterprises who are financially excluded. The EU is supporting microcredit providers mainly through the Employment and Social Innovation (EaSI) program as well as the European Social Fund (ESF). For the next multiannual framework (2021-2027), the commitment of the EU towards the microfinance sector is expected to continue through the InvestEU and ESF+ programs. At present, at the Faculty of Economic, Political and Social Sciences in the University “Our Lady of Good Counsel” Tirana (UKZKM), one of the mandatory courses for students of economics, is Financial Mathematics, which is particularly focused on the technical and financial aspects of the use of money and its value over time. For the actual study programs in Business Administration, in order to be as complete and comprehensive as possible, it is intended to review and enlarge his field of study adapting it in accordance with EU standards and policies.