Albania launches construction of two motorway lots worth USD 169.3mn.

By bne IntelliNews April 24, 2012
Albania launched on Monday, April 23, the construction of two sections of the Tirana-Elbasan motorway that would stretch over nearly 25 kilometres, the governments press office said in a statement. The construction works on the 13km long segment 1 and on the 11.7km long segment 3 of the motorway will be jointly implemented by Kuwaits Copri Construction and Greeces Aktor. The total cost of the project is estimated at USD 169.3mn, including USD 83.95mn for the first lot and USD 85.32mn for the second one. The works are scheduled to be completed in about 16 months. All funds will be provided under loan agreements, which the Albanian government has already signed with the Islamic Development Bank (USD 222.7mn in total), Abu Dhabi Fund for Development (USD 50mn) and OPEC Fund for International Development (USD 20.4mn). The authorities have also secured USD 25mn financing from the Saudi Arabian state-owned Fund for Development (SFD). According to latest government estimates, the total cost of the project is USD 280mn, significantly down from the initial USD 380mn. We note that Greeces Aktor started in April 2011 to build a 4-km long Kerraba tunnel that lies on the motorway, which is due to be completed by May 2012. Aktor won a tender, offering EUR 59mn, significantly lower than the indicative project cost of EUR 110mn.

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