Parliament approves €600 mill Eurobond

Tirana Times
By Tirana Times June 4, 2020 18:34

Parliament approves €600 mill Eurobond

The Albanian Parliament approved the issuance of a 600 million Eurobond in its latest plenary session.

During the plenary session on Thursday, the Minister of Finance, Anila Denaj said that the issuance of Eurobond in 2020 is foreseen in the Medium Term Debt Management Strategy, approved by the Albanian Government and presented to the Parliament during the discussions on the 2020 Budget.

The Eurobond will serve to develop the country's reforms, priority projects as well as the refinancing of several activities.

"Together with the prestigious international banks, which support us in this process, we aim at a rapid announcement of Albania's Eurobond, in line with the monetary policy of the Bank of Albania and with a positive effect on foreign exchange reserves and macroeconomic stability of the country in the short term and the long term," said Denaj. An amount if 200m euros of the total Eurobond will go to refinancing while the rest is new debt.

The draft approved in today's session, underwent changes at the last moment, taking into account the proposals of President Ilir Meta. A day earlier he did not give his consent for the draft law to enter into force immediately, arguing that neither the draft law nor the report clarifies the reasons for this emergency in order to obtain this debt.

After the uncertainties raised by Meta, the Committee on Economy made the amendments as proposed by the President.

The last time Albania issued Eurobonds was in 2018 when it sold one worth 500 million with a maturity of seven years.

Tirana Times
By Tirana Times June 4, 2020 18:34