World Bank will allocate $163 mln fund for Albania, a fund partially provided by International Bank for Reconstruction and Development and International Development Association, mainly for infrastructure projects. This fund will be given to Albania only if projects presented to World Bank will be at the required levels by the international institution, is the main condition set by WB.
World Bank funded several projects and reforms in country in the past year, mainly in the energy sector reform and reforms undertaken regarding pensions, social services and in improving the strategy for managing public finances, a long term project up to 2020.
The total amount of funds given in 2014 reached $316 mln, the highest amount of money World Bank has allocated to Albania in a year. This institution operates in country since 1992 and the total amount of funds given to Albania during this period reaches $2 bln for more than 80 projects, in economy and social spheres.
World Bank is one of the most important international institutions in funding projects in developing countries and has continually supported Albania regarding energy sector reform, with the aim to reach positive feedback on this sector, which has suffered from abuses and billions of looses since after the fall of communism in 1990.
News source/photo credits: ATA