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World Bank grants Albania 1.2 bln dollars to support economic growth, EU integration

Xinhua, May 23, 2015 Adjust font size:

The World Bank Group (WBG) has endorsed the 2015-2019 Country Partnership Framework (CPF) for Albania, which proposes a lending program of up to 1.2 billion U.S. dollars in five years aimed at supporting Albania's aspirations to achieve economic growth and integration into the European Union (EU), a senior official said Friday.

Albanian Minister of Economic Development, Trade, Tourism and Entrepreneurship, Arben Ahmetaj confirmed the news in a press conference in Tirana on Friday.

WBG will increase and deepen its support for Albania's reforms aimed at restoring macro-fiscal sustainability, stimulating private sector growth, and creating an accountable government. Albania's drive for reforms and the encouraging results provide the impetus for an increased level of WBG support for Albania.

"Albania has a historic opportunity to break with the past and accelerate its path towards prosperity and integration into the EU. The new World Bank Group Country Partnership Framework for Albania responds to this opportunity, and supports country priorities developed in extensive consultation and engagement with main stakeholders in Albania," said Ellen Goldstein, World Bank Country Director for Southeast Europe.

Ahmetaj said that the World Bank's Board appreciates the strong commitment of the government to support reforms.

He said that the 1.2 billion U.S. dollars loan will enable the advancement of reforms in support of sustainable development.

"Lending by the World Bank is good news for the Albanian economy and the Albanian citizens," he said.

The World Bank currently supports eight projects in Albania with a commitment of 512 million dollars. Endit