News Column

EUR 18 Million For Vlora Motorway Bypass

June 20, 2014



BRUSSELS, June 20 -- The European Investment Bank issued the following news release:

On the occasion of his official visit to Tirana, the Vice President of the European Investment Bank (EIB), Dario Scannapieco, has signed today a EUR 18 million loan for the construction of the motorway bypass for the city of Vlora in Albania. The Albanian government was represented by Minister of Finance, Shkelqim Cani, at the presence of Prime Minister Edi Rama.

The project consists of the realization of a 29 kilometers motorway bypassing the city on the southern coast of the country and reflects the Government's priority to develop a sustainable transport system in the area. The new infrastructure will also have the capacity to support tourism, stimulate private sector, facilitate trade, promote regional and national growth as well as contribute to economic and social cohesion.

The bypass is expected to save time to commuters, reduce accidents and local pollution costs in the surroundings of the city of Vlora while providing an alternative route for traffic towards Tirana.

"Infrastructures are essential to the modernisation process of Albania and the Vlora bypass represents a fundamental connection to Pan-European Corridor VIII", has stated Vice President Scannapieco. "Our commitment to this project is the best signal that the Bank of the European Union, in close cooperation with the European Commission and other financiers, strongly supports the country on its path towards the EU", he added.

Minister of Finance Cani added "The signing of the financing Vlora Bypass is another tangible sign of credibility of the Albanian Government on public projects in a large effort to modernize the national infrastructure and regional integration. Cooperation with the EIB is already a consolidated and undisputed partnership on our path towards European integration".

The EIB loan represents 35% of the total cost of the project; the balance will be provided by the European Commission under the Instrument for Pre-Accession Countries (IPA), the EBRD as well as the Government of Albania.

TNS 30FurigayJane-140621-4774672 30FurigayJane


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Targeted News Service


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters