March 21 (SeeNews) - The European Investment Bank (EIB) said it signed a 100 million euro ($108 million) loan agreement with Albania for the rehabilitation and electrification of a 120-kilometre railway line from Vore in the centre of the country to Hani i Hotit at the border with Montenegro.
The EIB loan complements a 126 million euro grant by the European Union and a 99 million euro loan from the European Bank for Reconstruction and Development (EBRD) for the project, the EIB said in a press release on Wednesday.
The project envisages rail track electrification, reconstruction of twelve railway stations and the introduction of a new telecommunication and signalling system, along with safety enhancements.
The Vore – Hani i Hotit railway line, part of the EU's Trans-European Transport Network (TEN-T) Mediterranean corridor, serves as Albania's sole railway connection to neighboring countries, linking Tirana with Podgorica.
($=0.919 euro)