Foreign Investments Increased during Q3

TIRANA, December 13

Foreign direct investments in Albania reached Euro 276 million during the third quarter of 2016. According to the Bank of Albania (BoA), the investments’ influx increased by 11.3 percent compared to the same period of the previous year.
This is the second quarter that marked an increase of investments thus creating a balance with the drop that took place during the first quarter of the year. Yet, the annual balance remains negative.
According to BoA, the investments influx for January-September period was Euro 660 million, which is 5.6 million less than the nine months of 2015. This is related to the drop in raw materials’ price. However, major projects such as Devoll Hydro Power Plant and the Trans Adriatic Pipeline (TAP) helped to compensate the situation.
Meanwhile, remittances increased during the third quarter, after decreasing for the two first quarters. Remittances reached the level of Euro 159 million or 13.6 percent more than the same period of 2015.
But, for the January-September period remittances were Euro 441 million, which is less than in 2015. However, remittances are likely to drop as this is a phenomenon related to migrants that gradually break ties with Albania.

News source: Scan TV