Remittances dropped, foreign investment increased

Tirana, Albania
16 May 2016

Statistics published by the Bank of Albania show that remittances decreased by 10.5% during the fourth quarter of 2015. According to the Bank, Albanian emigrants sent EUR 17.1 million less compared to the same period in 2014. Remittances were estimated at EUR 153.9 million during the fourth quarter of 2015.

However, figures show that private and foreign investment increased during this period (Q4, 2015) by 11.5%. These foreign investment include large projects as the TAP or the construction of hydro-power plants in the southern part of the country, or the reinvestment made by foreign companies that operate in Albania.

Foreign and private investment are seen as one of the most important sources for the country’s economy especially during 2016. In 2015, two large foreign investment took place in Albania, the TransAdriatic Pipeline project (TAP) and the establishment of several hydro-power plants in southern Albania.

News source/photo credits: ATA