Kuwait KFAED signs $22.20mln loan deal with Albania

Kuwait  - A supplementary loan agreement was signed in Tirana between the Republic of Albania and Kuwait Fund for Arab Economic Development, whereby the fund will provide a loan of Kuwaiti dinars six million eight hundred thousand, (KD 6,8000,000/-) equivalent to about $22.4 million, to assist in the financing of Rehabilitation of the Vlora River Road in the Republic of Albania.

The supplementary loan agreement was signed on behalf of the Republic of Albania by HE Mrs Anila Denaj – Minister of Finance and Economy, and on behalf of the rund by Marwan Al-Ghanem, Deputy Director General for Operations of the Kuwait Fund for Arab Economic Development.

The aim of the project is to enhance the economic and social development of the Vlora Region through improving the transportation service of passengers and goods that will reduce the travel time and minimize the cost of transport, in addition to provision of traffic safety. The project includes the civil works for repaving the 74-Km existing main road Vlora-Peshkepi-Qeparo, and widening it to a two-way carriage road with 3.75m width and 0.75m shoulders each way.

The project also includes rehabilitation works for drainage structures, safety and lighting facilities in addition to pedestrians crossing in main towns along the road, and provision of necessary consultancy services for design, project tender documents and supervision of works.

It is expected that the Project will be completed by the end of the year 2022. By signing this agreement, the fund would have provided to the Republic of Albania 8 loans considering that the fund had already extended to the Republic of Albania 7 loans before with a total amount 32.7 million Kuwaiti dinars. The fund also provided two technical assistance amounting in total to about KD 836.39 for financing feasibility studies in transportation sector.