World Bank helps Albania’s development policies

TIRANA, May 10 – Albania and the World Bank signed Thursday a $10 million deal on the support of development policies. That is part of the bank’s assistance to our country in 2006-2009 during which it will make a budget support to the Albanian government through three loans on development policies.
“It is important they are destined to support important reforms of the Albanian economy, assist the government in vital sectors and also create conditions for a faster economic development in the country, to support business and increase efficiency of the public funds,” said Finance Minister Ridvan Bode upon signing the deal.
“It is important the signal this credit gives and it speaks of the Albanian government’s commitment and our support for the reforms,” said World Bank representative in Albania Nadir Mohammed.
The loan is to be paid back in 20 years with a 10 years grace period and the annual interest is 0.75 percent. The project’s first stage ends at the end of this year. The program aims at improving the climate of investment and development of private sector in the country through improving rules affecting it, increasing transparency of public partnership with the private one. It also aims at improving the functioning of the land market through a better management. The project will also help better check the non-banking financial sector and improve fiscal stability of public expenditure. It also aims at improving the government management of public funds and depoliticize the public administration.