EIB lends 50 million euros for local roads

TIRANA, June 4 – The European Investment Bank (EIB) and the Albanian government have signed in Tirana a loan aimed at the rehabilitation of secondary and local roads network. With a total amount of EUR 50 million this is the largest financing operation ever signed by EIB in Albania.
The EIB was represented by Dario Scannapieco, Vice-President responsible for operations in Italy, Malta and the Western Balkans while the Albanian Government by the Minister of Finance, Ridvan Bode.
The project is part of an ongoing programme of rehabilitation of 1,500 km of secondary and local roads all over the country which includes design, construction and supervision in Albania. The main goals are to improve the transport conditions in the rural areas, provide facility in access to marketplaces and administrative, educational and health services. The project is also aimed at increasing the opportunities of economic, agricultural and tourist development for the beneficiary population via the provision of asphalted roads.
The total cost of this project is around EUR 140 million, co-financed with the European Commission and European Bank for Reconstruction and Development. The projects falls under the Western Balkans Investment Framework (WBIF), which will provide grant financing to support technical assistance and investments. The rehabilitation of secondary roads programme is managed by the Albanian Development Fund.
The EIB has been active in Albania since 1995 and to date the total financing activity is around EUR 350 million.
“We are really satisfied to contribute to this programme and in general to improve our activity with Tirana Authorities. This is a crucial way to help Albania, together with all the other institutions involved, in its progress towards European integration,” noted the EIB Vice president Scannapieco.