IBRD 64 mln euro loan agreement comes into force – Gov’t eyes Southern Albania as tourism driving force
The loan agreement between the Albanian government and the International Bank for Reconstruction and Development to finance the project for Integrated Urban Development and Tourism has entered into force and it is now expected to be implemented.
The cost of this project is estimated at 63.8 million euros, which will be funded by IBRD.
About 50 million euro of the loan is expected to go for the construction works to be carried out in areas of southern Albania, while the rest is expected to go for goods, training and consultancy services.
The agreement provides that the repayment of the loan will be made within a period of 25 years.
The project for integrated urban development and tourism is part of the medium-term budget of the Albanian Development Fund.
The Albanian government has designated the coastal region of Vlora and Saranda, and the inner area covering Berat, Gjirokaster and Përmet as a priority region that has a tangible potential considering its landscape and cultural heritage assets – to develop tourism as an incentive to drive regional and national economic growth.
Beneficiary municipalities will be selected on the basis of preliminary studies and drafting of projects, including studies for urban development, construction work for the restoration of buildings with historic value, development of public spaces, road and accompanying infrastructure network.
The rest of the investment will focus on the development and creation of vacation areas or tourist sites, repairing and improving the infrastructure of areas and promenades.
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