Tirana, 25 June 2011 (albanianeconomy.com) Saudi Arabia fund for development had accepted to lend 25 million USD to the Government of Albania for the construction of a highway, the Ministry of Finance announced on Friday.
“The loan approval has been announced officially by Saudi ambassador in Albania Abdullah Abdulaziz AL-ABDULKARIM. The new loan will have 2 per cent interest rate and 25 years maturity where the first five years will be grace period,” the Ministry said in a press release. (source)
Albania had already secured 220 million USD loan from the Islamic Bank for Development. Other loans are being negotiated currently with Abu Dhabi fund with the aim of providing 100 million USD financing facility and Opec Fund for 15-25 million USD.
The 40 KM highway will connect the capital city Tirana with Elbasan and is part of the TransEuropean Transport Network number 8.
The 40 KM highway will connect the capital city Tirana with Elbasan and is part of the TransEuropean Transport Network number 8.
Albania’s public debt is expected to jump to 62-63 per cent of the country’s GDP from bellow 60 per cent that is currently as result of this single project.
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