The Albania Financial Services Authority published a readout of an introductory meeting between its Chief Executive Officer, Adela Xhemali, and the World Bank’s new Country Manager for Albania, Massimiliano Paolucci, focused on European integration and support for modernising financial supervision. The discussions reviewed progress to date and aligned priorities for further strengthening Albania’s non-bank financial sector as part of the authority’s transformation strategy linked to the European Union accession process. Key topics included reforms in the insurance and pensions sectors, preparations for implementing International Financial Reporting Standards (IFRS), and upgrading supervisory systems to improve efficiency, data quality, and transparency. The authority also highlighted the role of technical assistance in transposing European Union directives, including Solvency II and the Insurance Recovery and Resolution Directive, and in supporting amendments to the law on private pension funds and other priority areas, with both sides reaffirming a shared commitment to align the financial legal framework with EU standards and international best practices.
Albania Financial Services Authority2026-02-20
Albania Financial Services Authority strengthens World Bank cooperation on EU-aligned reforms and supervisory modernisation
The Albania Financial Services Authority and the World Bank’s new Country Manager for Albania discussed European integration and financial supervision modernization. Key topics included insurance and pensions sector reforms, IFRS implementation, and supervisory system upgrades. Both parties emphasized aligning Albania's financial legal framework with EU standards and international best practices.