American Albanian Fund to support Tirana’s development

TIRANA, Oct. 24 – The Albanian American Development Enterprise Fund and its Foundation have expressed readiness to financially support some of the Tirana Municipality’s projects for economic development, employment, infrastructure and social and cultural support. During a meeting with Tirana Mayor Lulzim Basha this week, the Fund’s executive director Michael Granoff appreciated the Tirana Municipality’s solid agenda of further developing the capital city, saying that the Albanian American Development Foundation’s projects were similar to the municipality’s vision. He called for further strengthening of the public-private partnership to make the implementation of these projects a reality. Infrastructure projects, including the extension of the main boulevard, the construction of a new park, a tram, a new train station as well as economic development and employment are the priorities of the Tirana Municipality. In a reception held later on Thursday to mark the 15 anniversary of the Albanian American Development Enterprise Fund presence in Albania, Prime Minister Sali Berisha highlighted the fact that its success has influenced transformation of our country. PM Berisha appreciated especially the Fund’s useful advice to the government of Albania in its efforts for development of the free market economy in Albania. “We shall work together on reforms which will enable the success of the business projects,” said the Prime Minister. Some of the major investment and projects by the Albanian-American Enterprise Fund include the creation of the American Bank of Albania in 1998, the American Pension Fund of Albania (APFA), an equity investment for creation of the first private pension institute operating in Albanian market. Current portfolio includes participation concession of Tirana International Airport “Mother Teresa”. TIA, a partnership between Hochtief Airport GmbH, DEG (KfW group) and AAEF, expansion of the insurance activity of SIGAL, member of UNIQA group, Austria, participation in the biometric ID Cards and Passports production the “Tirana East Gate” shopping mall. Meanwhile, the Albanian American Development Foundation was created in 2009 by the Albanian American Enterprise Fund with the support and encouragement of USAID and the United States Government. The Foundation assists in the development and growth of a vibrant private sector for the benefit of a free and democratic Albania. Its program concentrates on four areas, education for sustainable development, entrepreneurship, leadership development, and support for cultural tourism and eco-tourism.