February 1 (SeeNews) - The World Bank said it approved a $70 million (65.2 million euro) loan to Albania aimed at improving the country's investment policy framework, making it easier to do business and facilitating trade.
The loan, a Competitiveness Development Policy Lending (DPL) operation, is contributing to the government's efforts to increase the country's economic productivity and to implement macro-fiscal and structural reforms, the World Bank said in a statement late on Tuesday.
The approved fixed-spread loan from the International Bank for Reconstruction and Development (IBRD), part of the World Bank group, has a five-year grace period and 25-year repayment period.
The Competitiveness DPL operation supports a reform programme, including measures improving conditions for doing business in Albania, such as creating a comprehensive law for investors, establishing an investor grievance mechanism, streamlining the process for construction permits and getting electricity licensing. It also backs measures simplifying clearance procedures at border crossing points, improving risk management for food products and reducing congestion at the port of Durres.
“After stabilizing the economy, it is now critical for Albania to establish the right legal framework for investors and a business friendly environment for attracting and retaining investments for faster growth and greater private-sector led job creation, especially for youth and women,” Tahseen Sayed, World Bank Country Manager for Albania, said in the statement.
Since Albania joined the World Bank in 1991, a total of 89 projects comprising around $2.55 billion of IDA credits and grants and IBRD loans have been provided to the country. The World Bank portfolio has ten investment lending projects under implementation with a total net commitment of $615 million.
($=0.9318 euro)