TIRANA (Albania), February 17 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said it plans to support economic governance improvements, enhance private sector competitiveness and strengthen energy diversification and low-carbon transition in Albania in the period 2020-2025.
“The bank continues to see and support comprehensive EU approximation as the main external anchor for reforms, including the strengthening of governance and the rule of law,” the EBRD said in a statement late on Friday, after the bank’s board of directors adopted a new country strategy for Albania for the five-year period.
Albania needs to increase productivity by shifting the growth model away from consumption towards investments and exports, especially in view of unfavourable demographic developments, in order to speed up convergence to EU income levels, the bank said.
“The business climate needs to improve in order to support diversification and attract foreign direct investment, particularly in sectors such as tourism, manufacturing and agribusiness, and to enable sustainable economic growth.”
To date, the EBRD has invested over 1.4 billion euro ($1.5 billion) in 97 projects in Albania.
($ = 0.92307 euro)