TIRANA (Albania), December 14 (SeeNews) – Albania’s economy ministry said on Friday it signed two agreements worth a total of 34.9 million euro ($39.7 million) in loans and grants with the German government to back energy projects.
The ministry said it also signed a memorandum of understanding with the French government for financial cooperation in the energy sector reform.
Germany will offer a soft loan of 30 million euro through its development bank KfW for financing of projects for development of the power grid, as well as additional 2 million euro loan necessary for the implementation and supervision of the projects, the ministry said in a press release, following the singing of the three documents in Tirana.
Albania will also benefit from a 2.9 million euro German grant to finance the third phase of a programme for renovation of the University of Tirana’s dormitories to improve their energy efficiency.
The grant supporting the energy efficiency project comes on top of two other grants, of 4.5 million and 2.0 million euro respectively, previously offered by the German government, the ministry noted, adding that the total project cost amounts to 18.8 million euro.
($ = 0.87973 euro)