The Saudi Fund for Development
has extended a $30 million loan to Albania to finance the construction of a
30-kilometer road section, part of Vlora River road project, southern Albania.
The loan agreement to finance
rehabilitation project of Vlora River road was signed by the Albanian Finance
Minister Arben Ahmetaj and the Saudi Fund for Development representative,
Mohammad Aljenaidel, during a ceremony in Tirana on Wednesday.
The project includes the construction of
a 94-km road linking Vlora Bypass with Levan-Tepelene highway. The Fund’s loan
will finance rehabilitation of a 30-km road section with construction works
expected to complete by end of 2020.
The total cost of project, co-financed
by the Kuwait Fund for Arab Economic Development and the Saudi Fund for
Development, is estimated $72 million.
The reconstruction of the road will
create a new attractive and safer corridor that will enable the connection with
the South coastline. On the other hand, the proposed intervention is a project
of the rural development with great importance for the Municipality of Selenica,
Vlora Municipality and Municipality of Himara as it will improve the access to
services for the residents in the villages around Vlora river valley. It will
also reduce the costs and time of transport for the residents as well as their
agricultural products towards the markets. It is also expected to diversify the
local economy through promotion of ecotourism.