Ratification of loan agreement among the Republic of Albania and International Bank for Reconstruction and Development for financing the project on integrated urban development and tourism

Official Bulletin no.45, dated 10 March 2017

The Parliament of Albania, by approval of law no.19/2017, on 23.2.2017 ratified the loan agreement among the Republic of Albania and International Bank for Reconstruction and Development on financing the project on integrated urban development and tourism.

According to this agreement the Bank agrees to provide the Borrower, in accordance with the foreseen conditions and terms by this Agreement, the sum of 63,800,000 euro, to assist on project funding, by defining the minister of Finances as the Borrower.

The project consists on urban development and improvement of infrastructure of Selected City Halls, of chosen touristic areas along the south of Touristic Hallway of Albania and development of the market and tourism products by fulfilling the objectives of the project which namely consist on the improvement of urban infrastructure, the increase of assets on tourism and strengthening of urban infrastructure, augmentation of institutional capacities to sustain tourism regarding local economic development of chosen areas in south of Albania.

Following, the law determines in the attached appendix, the institutional and undertaken measures regarding the implementation of the project by taking in consideration the protective measures as well as the annual plan and budget.