World Bank Plans Over $400 Million for Albania|

Here's a bit of good news about - and for - Albania that states that “Albania is a development success story in many respects...."

Read the BIRN article bekow that also discloses that "the former Communist country has been one of the fastest-growing countries in Europe..."

Tirana | 16 July 2010

World Bank Plans Over $400 Million for Albania|

The World BankThe World Bank will finance up to $275 million (€214 million) from the International Bank of Reconstruction and Development, IBRD, and up to $150 million (€116 million) from the IFC over the next four years in Albania.

“Albania is a development success story in many respects, having made remarkable strides in economic and social development over the past decade,” said Jane Armitage, World Bank Country Director and Regional Coordinator for Southeast Europe.
“The new Country Partnership Strategy aims to support a recovery in Albania’s growth rates through improving competitiveness, while also improving education and health services and strengthening the safety net,” Armitage added.

The new strategy will also assist Pristina in meeting the new challenge of climate change, through improving water conservation and management and increasing disaster preparedness.

Over the past decade, with average annual growth rates of six per cent, accompanied by rapid reductions in poverty.

Albania is one of a very few countries in Europe to maintain positive growth rates and financial stability in 2009 during the throes of the global financial and economic crisis. Going forward, Albania, in particular, faces a number of important challenges on account of the slower recovery in Europe and the uncertainties facing the Greek economy – a major economic partner.

“We are building on the previous successful cooperation of IBRD-IFC joint interventions in critical sectors, such as energy,” said George Konda, a senior economist at IFC.

The new strategy will support Albania’s development and help with key challenges, such as: consolidating its fiscal position to be able to weather the coming years; further improving the efficiency of public spending while addressing the still large infrastructure needs; improving the implementation of regulatory and institutional reforms to boost competitiveness and investment; raising education levels and skills to meet the demand from businesses; and strengthening social safety nets and key health services to ensure that the poor are protected from economic fluctuations

Albania became a member of the World Bank in 1991. Since then, 68 projects totaling $1.4 billion (€1.09 billion) have been supported by IDA and IBRD, and 10 projects totaling $185 million (€144 million