World Bank approves $1.2 bl 5 years program for Albania

World Bank approves  $1.2 bl 5 years program for Albania

The World Bank (WB) has approved a new assistance program for Albania worth $1.2 billion for a period of 5 years (2015-2019), which “will support the country’s goals in reaching a stable economic growth and the implementation of reforms needed to integrate in the European Union”.

The Partnership Framework will support the Albania’s government in implementing the macro-fiscal and structural reforms, according to a World Bank’s statement.

The World Bank’s Director for Southeast Europe, Ellen Goldstein declared that “this is a historical opportunity for Albania to separate from its past and to accelerate its steps towards the European Union family. We hope that the implementation of the reforms and their effective performance to continue in order to achieve positive results for the Albanian citizens.”

The new program is divided in three aspects. The first aspect relates to the assistance of the World Bank in maintaining a financial stability in the country and for that the Bank will support the measures for the improvement of the fiscal consolidation and the public investments’ management strengthening in the transport sector.

The second aspect relates to the boost of the private sector for which the program will offer assistance in increasing the competitiveness and the creation of new jobs, assistance in improving the business climate and the reduction of infrastructural gaps, as in the energy sector.

The third field where the Bank will offer assistance is the strengthening of the public investments’ management and other services, with the aim to make the public institutions more reliable and to increase access of citizens in other services.

Currently, the World Bank is implementing eight projects in Albania, worth $512 ml.

News Source: ATA

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