IFC lending 40 mln euro to Albania's Balfin to expand retail business

The funding will back the development of new retail parks and the expansion of the Tirana East Gate mall, the IFC said in a press release last week.

The funding will also back a project to install rooftop solar panels at the Tirana East Gate mall, the IFC added.

"This agreement, once again, confirms that Balfin Group is on the right course to becoming a force of change in the industries where it operates. Our achievements so far make us confident in our future investments while IFC's support is an additional guarantee for our success," Edlira Muka, CEO of BALFIN Group, said.

Tirana East Gate was established in 2011. The mall is the biggest in Albania, with a gross leasable area of 112,700 sq m.

The Balfin Group is active in a number of sectors including real estate, retail, tourism, agriculture, energy, the mineral industry and services across Southeast Europe, as well as in Austria, Switzerland and the Netherlands, according to information posted on its website.

($ = 0.9469 euro)