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EIB LENDS EURO 34 MILLION FOR ALBANIAN ROADS.

The European Investment Bank announced on 13 December that it is lending Euro 34 million for the rehabilitation and upgrading of roads on Albania's main North-South transport corridor. The project involves the modernisation of two road sections on the main transport links between Albania and Greece and Yugoslavia: 62 km between Lushjnn - Vlorn; and 24 km between Tepelenn - Girokaster. The loan to the Republic of Albania is for up to 25 years with a six-year grace period. Bringing the roads up to modern international standards is crucial for underpinning the country's economic development. The North-South transport corridor has been given priority by the Albania Government and is included in the "Quick-Start - Near Term" package of crucial projects endorsed by the Regional Funding Conference for South-Eastern Europe in March this year. The EIB's support reconfirms the Bank's commitment to the reconstruction and development of the Balkan economies. The European Commission is also supporting the project with grant finance under the EU-PHARE programme, reinforcing the EU's co-operation in underpinning the project.

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Publication:European Report
Article Type:Brief Article
Geographic Code:4EULU
Date:Dec 16, 2000
Words:169
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