ADFD attends inauguration of two projects in Albania worth $65.3mln

ABU DHABI - A delegation from the Abu Dhabi Fund for Development, ADFD, has participated in the official launch of two of its funded projects in the Albanian capital, Tirana, worth AED240 million ($65.3mln).

Adel Al Hosani, Director of the Operations Department at ADFD, led the delegation representing the fund. The event also drew the participation of Edi Rama, Albanian Prime Minister, Erion Veliaj, Mayor of Tirana, and several ministers and senior Albanian officials.

Speaking on the occasion, Mohammed Saif Al Suwaidi, ADFD Director-General, said, "Since 2013, ADFD’s strategic relations with the Albanian government have gone from strength to strength, with the fund financing three strategic projects in Albania valued at AED424 million. With the inauguration of two ADFD-funded projects – Tirana River Rehabilitation and Tirana Northern Boulevard, we mark an important milestone in supporting Albania in achieving its development priorities."

"These projects have directly benefited large segments of the population through creating job opportunities and stimulating various economic sectors," he added.

In 2013, ADFD allocated an AED103 million concessionary loan for the Tirana River Rehabilitation project to revitalise the bed of the Tirana River, its shores and the surrounding areas. In the same year, the fund extended an AED137 million concessionary loan to finance the Tirana Northern Boulevard project.

Works included a two-storey underground car park with 333 parking spaces, equipped with an electric vehicle charging station.

The project focused on developing the infrastructure surrounding Tirana’s Northern Boulevard with the aim of attracting investments, tourists and trade.

In turn, Veliaj praised the UAE’s global development endeavours and ADFD’s achievements in financing projects that support socio-economic development in developing countries.

He also highlighted the committed efforts of the fund, its continuous follow-up, and dedication to the timely execution of the projects in Tirana.

Since its inception in 1971, ADFD has financed development projects to the tune of about AED80 billion in 88 countries around the world through concessionary loans and Abu Dhabi government grants.