53 million Euro loan granted for the construction of Fier and Vlore bypasses
TIRANA, Nov. 28 – London-based EBRD is supporting further development of the Albanian road network and boosting economic integration in the country with a 53 million Euro sovereign loan to co-finance the construction of two bypass roads in southwestern Albania.
The proceeds of the EBRD loan will be used by the Albanian Road Authority to build a 22 kilometre bypass in the city of Fier and a 29 kilometre bypass in the city of Vlore. The project is co-financed by the European Investment Bank (EIB) and the European Union.
The two bypasses are key sections of Albania’s national road network which will connect important roads previously financed by the EBRD and EIB. The project will considerably reduce congestion in the two cities, facilitate economic integration in the region, and underpin the development of tourism in southern Albania.
“The EBRD is one of the main investors in Albania’s infrastructure and through this latest project we support further modernization of Albanian roads. This project will help improve the quality and safety of transport in the cities of Fier and Vlore, bringing benefits to people and businesses, and the country’s economy overall,” said Jean-Marc Peterschmitt, Managing Director, Central and South Eastern Europe at EBRD.
The EBRD loan is complemented by grant financing worth a total of 5.95 million Euro, which will be used for technical assistance in the preparation of detailed designs for the two bypass roads, as well to support project implementation. In addition a Road Tolling Strategy for Albania and a study on sustainable transport policies in the country will be developed as part of this financing.
The grants are provided by the Italian government, the European Union and the Western Balkans Investment Framework.
Since the beginning of its operations in Albania, the EBRD has invested over 570 million Euros in various sectors of the country’s economy, mobilizing additional investments of more than 1.3 billion Euros.
