December 14 (SeeNews) - The World Bank Group said it has approved a $80 million (65.9 million euro) loan, provided through its International Bank for Reconstruction and Development (IBRD), to Albania for structural reforms that will help the country recover from the 2019 earthquake and the Covid-19 crisis.
The funding will support reforms aimed at strengthening transparency and sustainability of Albania's public finances, enhancing finance for recovery and growth, and supporting key sectoral opportunities for future sustainable growth, the World Bank said in a statement on Friday.
In late 2019, a 6.3 magnitude earthquake that hit Albania left 51 people dead and around 3,000 injured.
“Strengthening policies and institutions for fiscal sustainability and economic development is key for ensuring that Albania can rebound vigorously and rebuild better, as public health restrictions on economic life are gradually lifted,” said Maryam Salim, the World Bank country manager for Albania.
The loan has a grace period of 3.5 years and a repayment period of 12 years.
($ = 0.8232 euro)