ABU DHABI: Abu Dhabi Fund for Development (ADFD) has signed an agreement to provide AED 183.5 million as a concessionary loan to Albanias government. The fund will be used for the construction of the "Tirana-Elbasan" road project.
The loan agreement was signed by Mohammed Saif Al Suwaidi, Acting Director General of ADFD and Ridvan Bode, Albanian Minister of Finance. The signing ceremony was held at ADFDs headquarter in Abu Dhabi. "This initiative reflects our leadership's visionary directives to support the sustainable socio-economic growth of developing nations. Through this important project, we will improve the movement of transport between Tirana the capital of the Albanian Republic and Elbasan one of the most important economic cities. The project will contribute to reducing the time for traveling between the two cities, minimizing accidents and adding to the economic growth of Albania through strengthening domestic trade exchange," Al Suwaidi said. "The road consists of a dual carriageway for smooth movement in both directions. In addition to the road which is 27 km long and 28.2 meters wide, the project includes two tunnels - two lanes per tunnel- of an average length about 2.2 km, according to the Fund's press release. The Albanian Minister of Finance expressed appreciation for the support provided by ADFD on the construction of the said road project. He said: "this essential project would facilitate the smooth movement of individuals and vehicles between key cities, thus supporting the governments plans to revitalize and expedite the social and economic progress."Copyright Emirates News Agency (WAM) 2011.
