Albania approves loan agreement to further develop tourism

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The Albanian parliament on Tuesday adopted the loan agreement between the government and the International Bank for Reconstruction and Development (IBRD) on the development of tourism sector.

The project aims to improve urban infrastructure, enhance tourism assets and strengthen the capacity of institutions to support tourism at local level.

Under the loan agreement, IBRD will lend Albania 63.8 million euros (68.1 million U.S. dollars) for funding the integrated urban and tourism development project in Albania, media reported.

The loan will be used to fund projects that are expected to be implemented in the cities of Berat, Gjirokastra and Saranda in the south of Albania.

The projects will start with the reconstruction of Berat Castle road, street lighting at the center of Gjirokastra, reconstructing roads around the castle, and the restoration of Sarandas promenade.

The Albanian ministry of economic development said the project will help to create jobs, increase incomes and support local economic development in selected areas mostly in the south of Albania, well-known as a key tourism destination with significant potential for growth.

The integrated urban and tourism development project has also been included in the medium-term budget of the Albanian Development Fund for 2017-2019.

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