Albania’s parl endorses 32 mln euro KfW loan to back energy projects

Power in California. Author: Jeff Turner. License: Creative Commons, Attribution 2.0 Generic.

TIRANA (Albania), March 22 (SeeNews) – Albania’s parliament said it has approved a loan agreement worth 32 million euro ($36.5 million) with the German government in support of energy projects.

Germany will provide a soft loan of 30 million euro through its development bank KfW for financing of projects for development of the power grid, as well as additional 2 million euro loan necessary for the implementation and supervision of the projects, parliament said in a press release late on Thursday. 

The agreement was signed by the country’s ministry of economy in December.

To date, Germany has invested over 1 billion euro in Albania with special focus to the energy sector, the statement added.

($ = 0.87768 euro)

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