World Bank gives Albania 71 mln USD for urban development

The World Bank has approved a financing of 71 million U.S. dollars for the project on integrated urban management and tourism in Albania, the bank's office in Albania said Wednesday.

According to the World Bank, this project will help in creating new jobs here, generating more revenues as well as boosting development of local economies in southern Albania already designated as the main tourist destinations and with extraordinary potential for economic growth.

This project will conserve Albania's natural resources and its cultural heritage making tourism more competitive, Tahseen Sayed, Word Bank country office manager in Albania said in a press release.

She added that the project will create new jobs for Albanians and boost local economic growth bolstering urban regeneration and sustainable tourism.

The project is focused on upgrading urban infrastructure, increasing the value of tourist assets as well as capacity building in institutions to support tourism at the local level.

The sector of tourism is seen with high priority by the Albanian government as it is deemed as a sector with great potential for attraction of tourists as well as foreign investors.

Based on official statistics, tourism sector is constantly increasing its contribution to Albania's GDP. Currently, the sector of tourism counts about 200,000 jobs, a number which is expected to further grow.

Another goal of the Albanian government is to promote all-year-round tourism in order to turn this sector into a key one to the country's economic development. Endit