TIRANA (Albania), March 4 (SeeNews) – Albania's finance ministry said it has signed an agreement with the Kuwait Fund for Arab Economic Development for an additional loan of $22 million (19.8 million euro), to be used to finance the construction of a road section along the Vlora river.
The 23.7-km section Ura e Laskos – Qeparo is part of the 94 km road linking the city of Vlora and Tepelena village to the coastal area, the ministry said in a press release on Tuesday.
The project will be implemented by the Albanian Development Fund and is is expected to be completed by the end of 2022.
The estimated total cost of the project is 9.4 billion leks ($84.0 million/75.7 million euro), according to information posted on the finance ministry’s website.
In 2016, the Albanian government signed a $40.8 million loan agreement with the Kuwait Fund for Arab Economic Development for the construction of the road in the southwestern part of the country. The Saudi Fund for Development will contribute the remainder.
The Vlora river road project - from the city of Vlora to the southern coastal village of Qeparo - will provide a new connection to the Ionian coastal line and will boost economic development in the southern region of Albania.
($ = 0.90055 euro)