TIRANA (Albania), February 5 (SeeNews) – The Albanian Development Fund (ADF) said it has selected Italy-based construction company INC as the winner in a tender for the upgrade of parts of Vlora River road project in southern Albania, to be financed with the proceeds of a loan from the Kuwait Fund for Arab Economic Development.
The assignment is estimated to cost 3.5 billion leks ($31.8 million/28.7 million euro), value added tax included, and construction works must be completed in 24 months, ADF said in a statement earlier this week.
The road sections specified in the agreement are Laskos Bridge – Qeparo and Laskos Bridge – Kuc with a total length of 23.7 km.
Four bids were submitted in the tender.
The total cost of the project is $70 million.
In 2016, the Albanian government signed a $40.8 million loan agreement with the Kuwait Fund for Arab Economic Development for the upgrade of Vlora River road.
The Saudi Fund for Development will contribute the remainder.
Vlora River road construction project - from the city of Vlora to the southern coastal village of Qeparo - will provide a new road connection to Jon coastal line and will boost economic development in the southern region of Albania.
The Albanian Development Fund (ADF) is a public agency whose mission is to encourage a sustainable, balanced and cohesive socio-economic development at local and regional level. The ADF was established at the beginning of 1993, based on an agreement between the Albanian government and the World Bank.
(1 euro = 120.764 leks)