From 13th to 14th of March, An Albanian delegation with representatives from the Ministry of Finance and Albanian Development Fund, led by the Vice Minister Mr.Sherefedin Shehi, held in Paris the negotiations on the signing of a 40 million euro Loan &Credit Agreement for the parallel financing of the Secondary and Local Roads Program. This financing will be part of the US$ 400 million fund which represents the estimated cost of the overall project. The secondary and local roads project has started to be implemented since 2008 and at present there are 8 on-going road section projects financed by the World Bank.

On March 13th, the CEB Board of Trustees approved the above mentioned project. The negotiations are closed and the final version of the agreement is expected to be submitted for signing in order to proceed with the contract approval and implementation procedures.

This agreement encompasses the retroactive financing as well, an operation which will facilitate the initial fund release for the project.