4 July 2008

The Executive Board of the Open Society Foundation for Albania - Soros (OSFA) approved the transformation plan for “Besa” Foundation in its routine meeting of the 4th of July, 2008.  This act is aimed at transforming ‘’Besa’’ in a private licensed company. This operation is determined by several factors as the requirement of the Bank of Albania on licensing and supervising the loan-giving process; building of capacities of “Besa” so as it can survive in the conditions of a growing competition; finding more possibilities for national and foreign financial resources, and others. Two new structures shall be established due to this transformation: the “ABC” (Albanian Besa Capital) Foundation and “Besa” j.s. Fund.

The transformation plan was prepared with the consultancy of the Open Society Institute in New York (OSI), compliant to the best international practices on similar transformations. The final draft of this plan is a product of a several-month consultative discussion between “Besa”, OSFA-s and Soros Economic Development Fund (SEDF). SEDF is envisaged to be the strategic investor of “Besa” j.s. Fund. The transformation plan is momentarily receiving the consent of SEDF and of the “Besa” executive board.

The Albanian government, represented on this occasion by the Minister of Finance Mr. Ridvan Bode has agreed to transfer all the liabilities and rights of ‘’Besa’’ in ratio with the Albanian government to “Besa” j.s Fund. “Besa” Foundation is a micro-credit institution in the form of a non-for-profit organization, established by OSFA in 1998, with initial funds from George Soros and the Government of Albania though a World Bank Credit.