AMBO agreement is reached between Macedonia and Albania

OHRID, Oct. 30 – Macedonia and Albania signed on Monday in the city of Ohrid a bilateral protocol that specifies the sites of the AMBO oil pipeline route. Its exit point in Macedonia will be near the village of Lakaica,

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First Albanian private hospital to be build by Greeks

ATHENS, Oct 29 – The largest private general hospital in Greece Hygeia (health in Greek) and the Albanian oil company Eurodrini will join hands to build the first private general hospital in Albania. The investment will have a total value

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KESH postpones tender for electricity imports

TIRANA, Oct.29 – KESH postponed to Nov. 6 an international tender for the purchase of 2,206 million MWh of electricity due to an auction with not enough bids, its press office reported. One of the reasons for the failure of

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Albanian Agency for Business and Investment starts operating

PEZE, Oct.30 – A ceremony of endorsement was held in Peze, to launch Albinvest, the Albanian Agency for Business and Investment that has been chosen to promote the “Albania One Euro initiative.” Albinvest and the project for the “Liberalization and

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The sale of American Bank of Albania on track

TIRANA, Oct.24 – Eighty percent of the American Bank of Albania will be bought from the Italian San Paolo IMI Group, one of the biggest European actors. The Albanian American Enterprise Fund will keep the remaining 20 percent as well

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Seven lots for the Kalimash – Morine road to be completed

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INSTAT reports slight decline in unemployment

TIRANA, Oct. 24 – The National Institute of Statistics (INSTAT) released Tuesday a report showing that Albania’s unemployment rate fell to 13.9 percent in the second quarter of 2006 from 14.3 percent. That is to be attributed to the private

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Central Bank of Albania reports healthy increase in banks portfolio

TIRANA, Oct. 24 – The portfolio of all commercial banks in Albania has increased by 57.9 percent compared to last year, the central Bank of Albania said. That increase shows that only for the months of July and August the

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BoA sells T-bids at higher yields in weekly auction

TIRANA, Oct.25 – The central Bank of Albania held Tuesday its regular auction of T-bills. It sold 8.07 billion leks ($82.2 million) of three-, six- and 12-month Treasury bills. The sale breakdown for each of the different maturity holding bills

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New office for Italian Cooperazione in Tirana

TIRANA, Oct. 26 – Cooperazione Italiana inaugurated Thursday the opening of its new office at the Torre Drini in downtown Tirana. The Italian office works in Albania since 1991 after the fall of communism. It has invested during these years

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                    [post_content] => OHRID, Oct. 30 - Macedonia and Albania signed on Monday in the city of Ohrid a bilateral protocol that specifies the sites of the AMBO oil pipeline route. Its exit point in Macedonia will be near the village of Lakaica, while the entry point in Albania will be near the village of Stebleve, municipality of Elbasan. The agreement was signed by Nikola Cerepnalkovski, advisor at Macedonian Ministry of Economy, and Gjergj Bojaxhi, vice minister of economy, trade and energy. The final agreement on AMBO project is expected to be signed by the end of 2006. It will specify the rights and the obligations of the three signatory countries - Macedonia, Bulgaria and Albania, including the New York-based AMBO Pipeline Corporation, according to Cerepnalkovski. The AMBO pipeline project entails a proposed 917-kilometer, 750.000-barrel-per-day pipeline connecting Bulgarian Black Sea port of Burgas with the Albanian Adriatic port of Vlora.
                    [post_title] =>  AMBO agreement is reached between Macedonia and Albania  
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                    [post_content] => ATHENS, Oct 29 - The largest private general hospital in Greece Hygeia (health in Greek) and the Albanian oil company Eurodrini will join hands to build the first private general hospital in Albania. The investment will have a total value of 30 million euro and the work is expected to last three years. The Greek Hygeia will own 80 percent of the shares and will have a capacity of 140 beds, According to the agreement with EuroDrini. The two companies plan to build a network of medical facilities also in Macedonia and Montenegro. Hygeia was launched by a group of Greek medics in 1970 but started operating only four years after. In 2002 it was trading in the Greek Stock Exchange. The company has 38 departments covering the entire range of medical services including advanced medical laboratories.
                    [post_title] =>  First Albanian private hospital to be build by Greeks  
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                    [post_content] => TIRANA, Oct.29 - KESH postponed to Nov. 6 an international tender for the purchase of 2,206 million MWh of electricity due to an auction with not enough bids, its press office reported. One of the reasons for the failure of the auction was the ongoing tender for electricity imports in Kosovo, according to spokeswoman Klodiana Gjinaj. The power utility plans to spend up to 162.8 million euro ($204 million) on the purchase of the electricity. KESH plans to buy the electricity in four quarterly lots: 568,000 MWh of electricity in the first quarter, 410,600 MWh for the second period between April and June, 530,000 MWh in the third quarter and the remainder in the last quarter until December 31. Albania, where outdated power plants are unable to produce enough electricity, usually calls import tenders to cover its consumption needs. The import of electricity is needed to cover demand in the power-hungry state next year, according to KESH, which would like to avoid a situation like that of last year when its worst electricity crises led to power cuts of up to 18 hours a day in cities and even longer in remote areas. "Still, there is no threat for another energy crisis. We are on time with the tender. If it fails on November 6 or is postponed again, then a crisis is possible," said Gjinaj.
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                    [post_content] => PEZE, Oct.30 - A ceremony of endorsement was held in Peze, to launch Albinvest, the Albanian Agency for Business and Investment that has been chosen to promote the "Albania One Euro initiative." Albinvest and the project for the "Liberalization and Promotion of Trade and Foreign Direct Investment" are financed by the European Council and United Nations Development Program for a total value of 2,2 million Euro. 
High-profile participants in the ceremony included the Head of the EU mission in Albania, Helmuth Lohan, Economy vice Minister Eno Bozdo and the Vice-representative of the UNDP Elzira Sagynbeva. The ceremony was opened by a welcoming word form Albinvest general Director Denis Kalenja.
Albinvest was formed on March, 2006 with an executive Board composed of both government representatives and high business figures. Three Vice ministers, respectively of the Economy, Transportation and Finance are permanent members of the Board. Raiffeisen Bank Director Stephen Grunerud, EHW company director Luan Leka and Breton Director Paulin Radovani are the current business representatives to the agency.  
Albinvest Agency through her experience and the services that it will offer aims at inducing higher exports and foreign investments. It will offer legal and economic consultancy to small and medium size businesses. It will have a major role in the improving of the Albanian image and for being so active it has been chosen to promote the "One Euro" initiative as well. 
                    [post_title] =>  Albanian Agency for Business and Investment starts operating 
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                    [post_content] => TIRANA, Oct.24 - Eighty percent of the American Bank of Albania will be bought from the Italian San Paolo IMI Group, one of the biggest European actors. The Albanian American Enterprise Fund will keep the remaining 20 percent as well as a close working relationship in ensuring that the transfer of ownership is finalized successfully. In a press release the AAEF reported on the negotiations with Sanpaolo Imi. The bank said it would keep the name and the nature unchanged. The capital will remain in the country and the transaction is aimed at increasing the bank's capacity and the range of the offered services. This transfer of ownership will open up possibilities of further involvemenet of this financial institution in the region. Potential plans include projects in Kosova and Macedonia. 
San Paolo IMI Group will provide the American Bank of Albania the specific financial strength and relevant expertise needed in the financing of major infrastructure projects in Albania, an opportunity that has risen recently and that is trying to be exploited by all active actors in the financing sector. It will also launch a significant innovative approach to the process of Bonds issues. San Paolo IMI has an AA rating in the international market. The Group's rankings include a third position between the largest banks for market capitalization in the Euro zone and the fourth in lending. Its leading position in Italy has been strengthened by its recent merger with Banca Intesa, a transaction resulting in total assets of 550 billion Euro, shareholders equity of 30 billion Euro with over 6,200 domestic branches and Agencies and over 1,000 foreign branches. The Group reported a combined net income 2,6 billion Euro for the first half of 2006. Its spread in the Central and Eastern European region gives San Paolo Group an operative leverage in owned Banks in Hungary, Rumania, Slovenia, Russia, Ukraine, Croatia, Bosnia - Herzegovina, Slovakia and Serbia. Its presence in Albania has started with its ongoing engagement with Banka Italo-Shqiptare (BIA). 
Currently the American Bank of Albania serves approximately 67,000 clients and has a staff of trained 370 employees which will not be negatively affected by the Groups' acquisition of the 80 percent. Its projected net income for 2006 is $9.5 million.
                    [post_title] =>  The sale of American Bank of Albania on track 
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                    [post_content] => 
                    [post_title] =>  Seven lots for the Kalimash - Morine road to be completed  
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                    [post_content] => TIRANA, Oct. 24 - The National Institute of Statistics (INSTAT) released Tuesday a report showing that Albania's unemployment rate fell to 13.9 percent in the second quarter of 2006 from 14.3 percent. That is to be attributed to the private sector that has opened more than 4,000 new job places in 2006. Public sector had a decline and agriculture has been static.
                    [post_title] =>  INSTAT reports slight decline in unemployment 
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                    [post_content] => TIRANA, Oct. 24 - The portfolio of all commercial banks in Albania has increased by 57.9 percent compared to last year, the central Bank of Albania said. That increase shows that only for the months of July and August the percentage increase was respectively 2.7 percent and 1.9 percent respectively. The value of this portfolio is estimated to be159.5 billion leks (1.3 billion Euro; $1.63 billion.) Financial data show that the total credits to the private sector amount to an overwhelming 159.298 billion leks in comparison to 110 milion leks given to the state sector. One third of the private sector crediting is done directly to individuals.(Tirana Times Staff)
                    [post_title] =>  Central Bank of Albania reports healthy increase in banks portfolio 
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                    [post_content] => TIRANA, Oct.25 - The central Bank of Albania held Tuesday its regular auction of T-bills. It sold 8.07 billion leks ($82.2 million) of three-, six- and 12-month Treasury bills. The sale breakdown for each of the different maturity holding bills was:
For 3-month T-bills, the bank made available 2.5 billion leks of three-month government paper but sold only 2.17 billion leks as bidders placed bids for 2.22 billion leks of the amount. The three-month bills yielded an average 6.22 percent, up from 6.16 percent in the previous auction. For 6-month T-bills, the bank sold 3.08 billion leks out of an offer 4.8 billion leks. Yields on the six-month T-bills rose to 6.72 percent from 6.53 percent. For 12-month T-bills, the initial offer was 5.5 billion leks. The 12-month T-bills yielded an average 7.46 percent, up from 7.26 percent in the previous auction. The final sale was of 2.82 billion leks.
                    [post_title] =>  BoA sells T-bids at higher yields in weekly auction  
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                    [post_content] => TIRANA, Oct. 26 - Cooperazione Italiana inaugurated Thursday the opening of its new office at the Torre Drini in downtown Tirana. The Italian office works in Albania since 1991 after the fall of communism. It has invested during these years up to 600 million euro, making Italy one of the country's biggest donors, according to Italian Ambassador Attilio Massimo Iannucci. The Cooperazione Italiana has made 168 projects, out of which 90 have been completed. Seventy-eight others with a cost of 320 million euro are continuing. They are mainly in the energy sector, water supply, transport and also agriculture, environment, fishing, tourism, education, banking system, financial system, health and so on.
                    [post_title] =>  New office for Italian Cooperazione in Tirana 
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            [post_content] => OHRID, Oct. 30 - Macedonia and Albania signed on Monday in the city of Ohrid a bilateral protocol that specifies the sites of the AMBO oil pipeline route. Its exit point in Macedonia will be near the village of Lakaica, while the entry point in Albania will be near the village of Stebleve, municipality of Elbasan. The agreement was signed by Nikola Cerepnalkovski, advisor at Macedonian Ministry of Economy, and Gjergj Bojaxhi, vice minister of economy, trade and energy. The final agreement on AMBO project is expected to be signed by the end of 2006. It will specify the rights and the obligations of the three signatory countries - Macedonia, Bulgaria and Albania, including the New York-based AMBO Pipeline Corporation, according to Cerepnalkovski. The AMBO pipeline project entails a proposed 917-kilometer, 750.000-barrel-per-day pipeline connecting Bulgarian Black Sea port of Burgas with the Albanian Adriatic port of Vlora.
            [post_title] =>  AMBO agreement is reached between Macedonia and Albania  
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