October 29 (SeeNews) - Albania’s parliament said it approved a 70 million euro ($81.5 million) loan agreement with the European Bank for Reconstruction and Development (EBRD) to help the state-owned electricity distribution system operator OSHEE close liquidity gaps caused by the Covid-19 pandemic.
The agreement was backed by 78 members of the 140-seat parliament, the parliament said in a press release on Thursday.
Part of the loan will be used to finance the construction of a new power substation in the capital Tirana, the parliament added.
OSHEE will also benefit from a technical assistance package which will help it improve its health and safety protocols, strengthen its anti-corruption governance and develop an inclusive training programme for young professionals, the EBRD said in a statement in last month. "The package will also include a smart grid development roadmap study to explore the digitalisation of the distribution network."
Albania produces over 90% of its electricity from hydro power plants, most of which are located along the Drin river, in the northern part of the country.
($ = 0.85931 euro)