Albania: EUR 18 million for Vlora motorway bypass

PRESS RELEASE

BEI/14/144

Tirana, 20 June 2014

Albania: EUR 18 million for Vlora motorway bypass

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, Shkëlqim 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.

Background information

The EIB is the Bank of the European Union. Established in 1958 under the Treaty of Rome, it operates in the 28 EU Member States and is active in more than 130 other Countries. Outside the EU, the Bank supports projects that contribute to economic development in Countries that have signed association or cooperation Agreements with the EU.

The EIB has been active in the Western Balkans since 1977 and is today the largest international financier in the region. Over the past ten years, it has financed projects totalling over EUR 6.6 billion in the area. The Bank's focus in the Western Balkans, including Albania, has been on the implementation of transport, energy, health and education projects, support for small and medium-sized enterprises (SMEs) and local authorities, industry and services, water and sanitation.

Since 2001, the EIB has extended over EUR 300 million in favor of projects located in Albania.

Press contacts

Marco Santarelli, Press Officer - Italy, Malta and Western Balkans;

Tel.: +39 0647191, m.santarelli@eib.org, Mobile: +39 331 6595594

Website: www.eib.org/press - Press Office: +352 4379 21000 - press@eib.org