Albania granted US$ 10mn loan

The World Bank said it had approved a US$10 million to help Albania maintain economic growth.

Izvor: AP

Monday, 02.04.2007.

12:53

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TIRANA The World Bank said it had approved a US$10 million to help Albania maintain economic growth. The 20-year loan will help one of Europe's poorest countries sustain growth by improving the investment climate for the private sector, and will also make improvements in the health, social insurance and water sectors, and public financial management, according to a statement. Albania granted US$ 10mn loan "Over 1996-2005, Albania grew at an average rate of 5.7 percent, while the poverty headcount declined from 25 percent in 2002 to 19 percent in 2005. However, sustaining this fast growth and improving social outcomes will require continuation of significant reforms in several areas," said the statement. The loan has a 10-year grace period. The World Bank has been a main funder of Albania since 1991, committing about US$925 million to the Balkan country.

Albania granted US$ 10mn loan

"Over 1996-2005, Albania grew at an average rate of 5.7 percent, while the poverty headcount declined from 25 percent in 2002 to 19 percent in 2005. However, sustaining this fast growth and improving social outcomes will require continuation of significant reforms in several areas," said the statement.

The loan has a 10-year grace period.

The World Bank has been a main funder of Albania since 1991, committing about US$925 million to the Balkan country.

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