World Bank Supports Better and Safer Access to Economic Opportunities for 80,000 Inhabitants in Albania

Stocks and Financial Services Press Releases Thursday April 26, 2018 09:30
WASHINGTON--26 Apr--World Bank

WASHINGTON, April 25, 2018 — The World Bank's Board of Executive Directors today approved a US$50 million Regional and Local Roads Connectivity Project to the Republic of Albania. The project supports improved access to several agricultural and tourism centers in Albania, and strengthened capacities of municipalities to manage their road assets.

The existing condition of about half of regional and local road networks does not adequately support access to essential public services, as well as to economic activities. It hinders the development of the emerging tourism industry and of the agricultural sector. Better road connectivity is critical for the development of the country.

The World Bank has contributed in the past by improving rural roads and mobility of people all over the country but more work is necessary to consolidate network improvements in a sustainable manner to enable economic growth. The project builds on the lessons from previously financed work.

"The new project will focus on prioritization of interventions with higher economic impact that complement productive sectors, particularly in agriculture and tourism," said Maryam Salim, World Bank Country Manager for Albania. "Tourism development will benefit by improving road access to existing and potential tourism destinations. The project also helps the integration of agricultural producers into agri-food value"

More specifically, the project will finance the rehabilitation of about 55 km of regional and local roads, bringing better and safer connectivity to areas that are home to around 80,000 inhabitants. The first-year program includes three segments known for their importance on tourism and/or agriculture development such as Fier-Seman, Pogradec-Tushemisht, and Qafë Thore-Theth roads. They have been selected based on a multicriteria analysis.

The rehabilitation of the roads will incorporate climate resilience, such as resilience to flooding and landslides. The project will also promote woman's employment opportunity in road sector in Albania. The Albanian Development Fund, which has extensive experience on road projects will be the implementing agency.

The prioritization approach utilized by the project will also provide a policy and investment framework for the construction, rehabilitation, and maintenance of roads that can be used for future investments supported by domestic and international financing.


Latest Press Release

EXIM Thailand Finances Bangkok Airways Acquisition of Aircraft to Serve Route Expansion and Economic Growth in Asia

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Puttipong Prasarttong-Osoth, President of Bangkok Airways Public Company Limited, signed a financial facility agreement at Bangkok Airways' Head Office on...

KTC boosts KTC PROUD members for the rest of the year by launching Bt. 199 Promotion campaign to ease new member financial burdens.

Ms. Phichamon Jitpentham, Vice President - Personal Loans, "KTC" or Krungthai Card Public Company Limited,organizes special "Bt. 199 Promotion" campaign for customers with financial obligations who wish to register for "KTC PROUD" Revolving Loan cards....

Digital Oasis# Cutting-Edge Audio Voice AI Systems to be showcased during the HKTDC Hong Kong Electronics Fair from October 13-16, 2018

The first smart homes purely existed as ideas, not physical structures. The world of science fiction has provided a glimpse into the endless possibilities that these homes could bring for decades, with futuristic inventions designed to provide homeowners...

Photo Release: SCB collaborates with NSTDA and FabLab to support innovations for an aging society, offering up to 20 million baht credit lines and research funding of 400,000 baht per project

Siam Commercial Bank (SCB) has joined forces with the National Science and Technology Development Agency (NSTDA) and Chassis Plus Infill Co., Ltd. (Fab Lab), a leading partner in science, technology, and innovation, to sign an MOU supporting SMEs that...

Photo Release: Bangkok Bank receives a plaque for its participation in the Pracharath education scheme CONNEXT ED project to promote sustainable education

Bangkok Bank President Chartsiri Sophonpanich received an honor plaque from Prime Minister General Prayut Chan-o-cha for the bank's participation to initiate and drive the CONNEXT ED project to promote sustainable education under the Pracharath scheme....

Related Topics