Albanian tourism to receive a 60 million euro boost from EBRD

TTimes
By TTimes October 9, 2020 11:03

Albanian tourism to receive a 60 million euro boost from EBRD

The European Bank for Reconstruction and Development (EBRD) is providing a €60 million loan to boost the competitiveness of the tourism sector in Albania. The fund will be used to co-finance tourism-enabling infrastructure, such as roads, water and wastewater improvements and municipal infrastructure upgrades, with a particular focus on the municipalities of Berat, Korca, Fier and Shkoder, all with distinctive tourism industries. 

Agreements formalizing the cooperation in the sector were signed today between the EBRD and the government of Albania on the sidelines of the EBRD Annual Meeting 2020.

Under the EBRD’s Advice for Small Businesses initiative, the Bank will also offer consultancy services to small and medium-sized enterprises, which are active in the tourism sector, by providing know-how on improving their businesses.

The EU is also providing €40 million in grants through its “Instrument for Pre-Accession Assistance” for technical assistance and investments. The EU funds will be used for the restoration, improvement and development of cultural and natural heritage sites in the country.

The two partners will also offer technical assistance and training opportunities, funded by the EU, to help improve the local tourism standards and ensure women’s participation in Albania’s tourism value chain.

The EBRD has invested over €1.4 billion in 100 projects in Albania, while the EU is the largest donor in Albania overall.

TTimes
By TTimes October 9, 2020 11:03