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TIRANA (Albania), October 3 (SeeNews) – Albania’s parliament said on Thursday it approved an 8 million euro ($8.8 million) loan agreement with the European Investment Bank (EIB) for financing the rehabilitation of the Lana river area in the capital Tirana.
The project aims to extend Tirana’s main boulevard along Lana river and improve urban infrastructure, as well the management of flood risk and wastewater, the parliament said in a press release.
In April, the EIB said it is increasing its presence in Albania by providing some 11 million euro to finance the Lana river project.
The project is the first operation under the bank’s Economic Resilience Initiative (ERI) to receive an investment grant, the bank said at the time. The 2.4 million euro grant, which is financed by ERI donor resources, is part of a comprehensive financial package from the EIB that also includes an 8 million euro loan and 500,000 euro in technical assistance.
The new investment is the bank’s first integrated urban regeneration project in the Western Balkans, encompassing several sectors including mobility, public transport, urban infrastructure and flood risk protection.
The project is expected to deliver benefits to around 65,000 people, of which 20,000 are local inhabitants who live on the banks of the Lana river. As part of the works, 1,100 residents of the affected area are being resettled. The EIB is working with the local authorities to ensure that this is carried out in line with the highest possible social standards.
($ = 0.9139 euro)