Albanian Parliament okays loan agreement with IBRD

Albanian Parliament approved on Thursday with 72 votes of majority lawmakers the loan agreement for the funding of the project on power sector recovery between Albania and the International Bank for Reconstruction and Development (IBRD). According to Albanian Daily News, this agreement is aimed at recovering the power sector and is consistent with the political agenda of the Council of Ministers.

The agreement provides for a loan of 112.1 million euros (about 139 million U.S. dollars), which will provide the funding of a project for power sector recovery. The main aim of this project is to increase the security of power supply for the consumers through the diversification of generation sources, reduction of distribution losses and improvement of collection, and improvement of the power market model in line with EU directives.