Albania to Receive €42 Million Loan

by Cristian Florescu

Albania is set to receive a EUR 42 million loan from the Council of Europe Development Bank to help it mitigate the impact of the COVID-19 pandemic, writes

The disbursement notice was signed on Tuesday and is part of the bank’s EUR 60 million up for grabs to help with extraordinary expenditures incurred during the two years of a health crisis.

“We continue to provide timely and flexible support to our member states at times of crisis,” said CEB Governor Carlo Monticelli. “And as we do so, we are determined to apply a strengthened focus on inclusive recovery for the most vulnerable.”

The pandemic that started in spring 2020 came just months after the devastating earthquake that killed 51 people and made thousands homeless. These two incidents combined drastically decreased the country’s GDP growth. Since the start of the pandemic, the Albanian government has committed just EUR 91 million for health and social services related to the pandemic.

“We highly appreciate the CEB contribution over the years and decades to enable a better life for the Albanian people, a better education, improved health system, advanced infrastructure and increased housing opportunities,” noted Delina Ibrahimaj, Albania’s Minister of Finance and Economy. “We feel especially grateful for the latest support as it, in essence, means an increase in our power to protect human life.”

A member of the CEB since 1999, Albania has benefited from €237 million in CEB loans in the sectors of education, healthcare and emergency response to the COVID-19 pandemic, support for MSMEs and job creation, aid to refugees and migrants, and recovery from natural disasters.

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