EIB Global invests over €50 million in sustainable development of northern Albania

This article is published in association with European Investment Bank.

• EIB Global commits €50 million for Albania to strengthen infrastructure in northern municipalities of Shkodër, Lezhë and Malësi e Madhe.
• Loan supports project to establish first direct tourism-based link between Albanian Alps and Adriatic coast.
• Goal is to upgrade infrastructure ranging from regional roads to water networks.

The European Investment Bank Group’s development arm, EIB Global, is providing Albania with €50 million in financing to strengthen basic infrastructure and services in three northern municipalities: Shkodër, Lezhë and Malësi e Madhe. The project will boost the sustainable regional development of northern Albania, environmental protection, connectivity, tourism and attract new investments. The EIB Global loan also supports a project to establish the first direct tourism-based link between the Albanian Alps and the Adriatic coast.

The Albanian government will use the financing to upgrade regional roads, urban squares and boulevards, public transport, water infrastructure and natural and historical sites. Shkodër, Lezhë and Malësi e Madhe are located on or near Lake Shkodër and other unique natural and tourism assets.

“We are helping Albania bringing infrastructure closer to EU standards, increasing attractiveness and expanding economic opportunities in these regions, which are supporting business, job creation and new investments”, said EIB Representative to Albania Alessandro de Concini.

EIB Global has provided close to €900 million in financing to Albania over the past three decades for a range of development projects including urban infrastructure.

“This is one of the most significant projects for the economic and territorial development of northern Albania, with a total investment value of €100 million”, said Albanian Minister of Finance Petrit Malaj.  “It represents a strategic intervention aimed at delivering direct and tangible benefits to the communities in the areas it serves”.

As highlighted by the Albanian Minister of infrastructure and Energy Enea Karakaçi, “The Gate of Alps” project represents a significant step forward in improving citizens’ quality of life.

“By improving urban spaces, boulevards, and key infrastructure, we are not only connecting important tourist areas such as the coastline, the lake, and the Alps but also investing in vital networks for water supply, sewage, urban transport, and pollution management”, said Minister Karakaçi. “For the first time, we are creating an integrated corridor linking the Alps to the Adriatic coast, allowing for year-round tourism, from winter to summer. This project is designed to be closer to the people and will have a positive impact on the economic growth of the entire Shkodër region.”

EIB Global is contributing a €1.75 million technical assistance grant to support the preparation of an investment programme for the concerned areas. The grant is financed through the EIB’s programme Economic Resilience Initiative, with implementation led by the Albanian Development Fund.

“This programme is a key milestone for regional development in northern Albania, delivered through an integrated package of investments in roads, water, urban regeneration and tourism that work together to transform an entire territory,” said Dritan Agolli, the Executive Director of the Albanian Development Fund. “Our partnership with EIB Global is decisive in turning this vision into tangible benefits for citizens in Shkodër, Lezhë and Malësi e Madhe, and in opening the first direct tourism link between the Albanian Alps and the Adriatic coast.”

Background information:

EIB Global

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international win-win partnerships and development finance, and a key partner of Team Europe and the Global Gateway strategy. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world.

About EIB Global in the Western Balkans:

The EIB is a leading international financier in the Western Balkans. Since 2009, the Bank has financed projects worth almost €13 billion in the region. Alongside its continued support to help rebuild and upgrade public infrastructure, since 2010 the EIB has expanded into many new areas, such as healthcare, research and development, education and small and medium-sized enterprises (SMEs). For detailed information on EIB activities in the Western Balkans, please visit: www.eib.org/en/publications/the-eib-in-the-western-balkans

About EIB Global in Albania:

EIB Global has been active in Albania since 1995. To date, 29 projects have been financed and over €880 million has been invested, predominantly in key transport, energy, water and wastewater infrastructure. For more information about EIB projects in Albania, please visit: Albania and the EIB