Parliament expected to approve Albania’s 66 mln euro loan agreement with IBRD
The government has submitted to Parliament a loan agreement with the International Bank for Reconstruction and Development, which is expected to be a budgetary support for Albania in financing its deficit for 2017.
The main objective of the program consists in carrying out reforms through improving the investment climate and market development.
The loan agreement that will be allocated by the International Bank for Reconstruction and Development is estimated to amount to 65.800.000 euros, with a maturity of 25 years, including a period of 5 years free of principal payment.
The draft is in line with the Business and Investment Development Strategy for the period 2014-2020 that the Ministry of Economy has compiled.
According to the draft submitted to parliament, the program is based on three main pillars.
The Albanian government in cooperation with the World Bank is expected to draft a unified investment law, which will replace the existing laws regulating investment, and the establishment of a mechanism for addressing investor concerns, as part of the Agency Albanian Investment Development (AIDA).
Another purpose of this agreement is to create facilities in doing business, obtaining permits for construction, energy, obtaining licenses, market surveillance, and, above all, to reduce the burden of administrative and business costs.
The third pillar of the program is said to facilitate trade by simplifying customs and other procedures.
The loan agreement was approved in principle by the Council of Ministers and has been signed by both the parties.
The agreement is expected to enter into force after ratification from the Parliament in Tirana.
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