TIRANA (Albania), January 16 (SeeNews) – Albania's government said it has approved a $50 million (44.9 million euro) loan from the European Bank for Reconstruction and Development (EBRD) which it will use to finance overhaul of roads.
The proceeds of the loan will be used to finance a project for rehabilitation of key regional and local roads in the EU candidate country, the government said in a statement on Wednesday.
The project is part of a larger investment programme for the rehabilitation of Albania's road network which is parallel-financed by a World Bank loan, according to information published on the EBRD website.
The total project cost is estimated at approximately $61.6 million, the EBRD says.
The project aims to support Albania's economic development and contribute to its internal integration by developing its regional and local road network as well as support the strengthening of road safety management and climate change adaptation, which are of particular importance in Albania due to the challenging geographical location of most of the road network.
($ = 0.89747 euro)