Regional Economic Development Agency (RED Albania)

Regional Economic Development Agency (RED Albania) is rated 3 out of 5 in the category government administration. Read and write reviews about Regional Economic Development Agency (RED Albania). The Regional Economic Development Agency (RED) is a national public agency under the authority of the Council of Ministers. RED was established through the Regional Management Reform as a development and implementation mechanism of programs and projects with a place based approach. RED’s main goal is to manage and develop regional economic potentials, focusing on two main outcomes: • Support of new and existing businesses (public & private) • Creation of new jobs (especially in underdeveloped regions). RED’s strategic model encourages the creation of partnerships between various public and private actors, as well as coordinates central and local government programs with international donor programs and private sector investments. Part of RED’s strategic model is the increased value of public assets, natural resources and human resources that each region carries within its territory. RED was based on the successful model of the WiBug company, owned by the Burgenland government in Austria, which managed to implement a portfolio of over 4 billion euros in development projects, turning Burgenland into an European success story. WiBug has also been highly competent in absorbing EU funds, with a rate absorption of 99.7%, acting as a coordinator between EU and private sector funds in Burgenland. The Regional Management Reform, currently underway by the Albanian Government, is in line with the country’s preparation for the EU’s cohesion policy, with the institutional requirements of the European Regional Development Fund (ERDF) and Chapter 22 “Regional Policy and Coordination of Structural Instruments “. Mission and Vision: The Agency aims to enhance the impact of investments and develop economic activities that promote the potential of the regional economy, through the promotion of public-private partnerships, in order to create new jobs and foster the growth of enterprises.