WB supports reforms in Albania – $70 mln to boost competitiveness and investment
Through a press release, the World Bank notes that the Board of Executive Directors approved a loan to Albania in value of 70 million dollars. This loan will go to support the development of competitiveness policies.
“The Government is implementing a series of reforms to integrate internationally and increase economic productivity. The new operation supports the reform program in three key areas to improve Albania’s competitiveness”
The new project of 70 million comes in the context of reforms being undertaken by the Albanian government have targeted the country’s integration into the international sphere. World Bank support to these reforms will come through three main areas cited the institution.
The first area aims to strengthen the investment policy framework and includes measures for creating a comprehensive investment law for domestic and foreign investors, establishing an investor grievance mechanism, and increasing investment retention.
The second area focuses on enhancing Albania’s business climate by making it easier to do business by streamlining the process for construction permits, getting electricity and business licensing, and filling the gaps in national quality infrastructure.
The third area supports trade facilitation and logistics and includes measures to simplify clearance procedures at border crossing points, improve risk management for food products, and reduce congestion at the port of Durrës.
“These measures complement macro and structural reforms in progress and reform based on the spirit that seeks to orient the economy towards private sector investment and exports”, emphasizes further the World Bank.
“After the stabilization of the economy, it is very important that Albania now have the proper legal framework for investors and create a favorable environment more friendly business in order to attract and retain investments that bring faster growth and jobs created by private sector, especially for youth and women”, said Tahseen Sayed, World Bank Manager for Albania.
“This project will help to accelerate the process of EU integration and the growth opportunities arising from the agreements of Albania with World Trade Organization,” is said in the statement.