September 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is extending a 70 million euro ($82.7 million) loan to Albanian state-owned electricity distribution system operator OSHEE to help it close liquidity gaps caused by the Covid-19 pandemic.
Part of the loan may also be used to finance the construction of a new underground substation in central Tirana, the EBRD said in a statement on Wednesday.
OSHEE will also benefit from a technical assistance package which will help it improve its health and safety protocols, strengthen its anti-corruption governance and develop an inclusive training programme for young professionals. The package will also include a smart grid development roadmap study to explore the digitalisation of the distribution network.
“This is an important project for OSHEE and for the Albanian power sector. The EBRD loan will support OSHEE’s efforts to mitigate the consequences of Covid-19 and to modernise and commercialise its business operations. This project aligns with our significant achievements on reforming and improving the Albanian power sector,” Albania's minister of finance and economy, Anila Denaj, said in the statement.
Through its subsidiaries, OSHEE manages and operates Albania's power distribution network and related infrastructure, and supplies electricity to regulated customers.
($ = 0.8463 euro)