The European Investment Bank (EIB) will finance 50 million Euros for the rehabilitation of the secondary and local roads network in Albania.

The Minister of Finance, Ridvan Bode, together with Mr. Dario Scannapieco, Vice-President of BEI, responsible for operations in Italy, Malta and the Western Balkans signed a financing agreement on Friday in Tirana. The Minister of Finance informed that BEI is negotiating with the Albanian Government to participate at financing priority projects and soon a technical team from BEI would come to discuss the financing of Durres-Tirana road at a 50% loan of the overall cost and the Tepelena bypass road financing. Also, Bode disclosed that the government has invited BEI to participate in financing the water supply sector namely that of Durres and share with the World Bank this large infrastructure investment.

Concerning the agreement in question, Bode stated that:”the 50 million euro financing agreement is made in the framework of the program for the rehabilitation of 1500 km of secondary and local road network” which according to him is under implementation.

"This loan of 50 million is part of a package within the program of US$ 400 million which includes funding to three institutions, 50 million Euros from EBRD, 50 million Euros from EIB and 33 million Euros from the European Commission as part of the program IPA, "said Bode.

“By signing and completing the loan amount of 135 million Euros”, pointed out Bode, "we reach the threshold of 300 million dollars concerning the funds for the rural infrastructure investment program.” He also announced that soon the whole programmed package will be wrapped up through the participation of the Japan Fund for the stated amount of 400 million dollars.

Whereas, the Vice-President of BEI, Scannapieco expressed his satisfaction at “contributing to this program and in general at cooperating with the Albanian authorities”.

“This is an essential approach to help Albania. I unison with the other institutions involved in this program which leads ahead the European integration of the country” he said.

The EIB is active in Albania since 1995 and to date the total financing activity is around EUR 350 million.