Saudi Fund grants soft loan for the construction of Vlora River infrastructure
The rehabilitation of infrastructure in the Vlora River area will be funded in its second phase by a US $ 30 million loan from the Saudi Fund for Development.
The signing the agreement of the soft loan was made by Finance Minister Arben Ahmetaj and Mohammed Al-Jenaidel, representative of the Saudi Fund.
During the ceremony of the agreement, Minister Ahmetaj stressed that the economic and social benefits of the arrangement will be enormous.
“The project which is being implemented by the Albanian Development Fund will be completed in 2020, according to forecasts. It will improve road access, it will enable more frequent transport services on time and at reduced cost, and on the other hand this will result in an increased access to regional and local markets to sell agricultural and livestock products. Unemployment in the area will be reduced and it will grow income for the local population by creating new jobs and by intensifying existing economic activities,” Ahmetaj said.
The project has a cost of 72 million dollars, the cost of which will be financed by the Kuwaiti Fund for Arab Economic Development at the amount of $ 42 million and by the Saudi Development Fund in the amount of $ 30 million.
The loan has an interest rate of 2% per year, while the maturity is 25 years, including a grace period of 5 years for the payment of principal.
SCAN
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