EU-EBRD Launch €105 Mln Program on Sustainable Tourism

EU-EBRD Launch €105 Mln Program on Sustainable Tourism

TIRANA, May 6

A tourism development program for the regions of Berat, Korca, Fieri and Shkodra worth Euro 40 million was launched during the weekend by the European Union in Albania (EU) and the European Bank for Reconstruction and Development (EBRD).

The program aims to improve the contribution of quality and sustainable tourism to economic growth and competitiveness of Albanian regions. This is expected to be achieved by raising the quality and sustainability of the tourism offer in the four above-mentioned regions. The four components of the projects will focus on better offer, assets, access to finance, and infrastructure.

“Today’s challenge is to help build a tourism sector that strengthens the social fabric and economic development, by giving value to the natural beauties and cultural assets of this beautiful country. A tourism industry that does not destroy, but builds for the future,” head of the EU Delegation to Albania Ambassador Luigi Soreca said.

The EU will contribute Euro 40 million to assist the promotion of natural resources, social, and cultural heritage, with an impressive multiplier effect on the economy.

Meanwhile, EBRD will manage the program and is designing a complementary sovereign loan facility to Albania for up to EUR 60 million to co-finance alongside EU grants the investments identified under the program in close cooperation with the Albanian Development Fund.
Moreover, Euro 5 Million for small loans to SMEs will be provided by local financial institutions.

News Source/Photo Credit: EU in Albania

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