TIRANA, March 30 – The Kuwait Fund for Arab Economic Development has provided a $40.8 million soft loan to finance the rehabilitation of the Vlora River Road in southern Albania serving about 40,000 local residents.
The deal was signed this week in Tirana by Albanian Finance Minister Arben Ahmetaj and Deputy Director-General of the Kuwait Fund, Hamad Al-Omar.
Finance Minister Ahmetaj said the project expected to conclude in late 2019 will serve to improve infrastructure and economic development of the 94 km Vlore- Qeparo segment whose total cost is estimated at $64 million.
“The project will serve as an important hub bringing economic and social development in the area, improve access to roads and the market, serve tourism development and promote job creation,” said Ahmetaj.
The 24-year soft loan has a grace period of 5 years at an interest rate of 2 percent.
The Kuwait Fund has supported Albania with more than $70 million of financing on various development projects.
