Albania oks USD 20.4mn loan deal with OPEC for funding highway construction.

By bne IntelliNews April 4, 2012
The economy and finance committee of Albanias parliament has approved a USD 20.4mn credit agreement with the OPEC Fund for International Development (OFID), which will be used to finance the construction of the Tirana-Elbasan highway, local news agency Lajmeshqip reported. The 20-year loan will have a grace period of five years and carry an annual interest rate of 3.3%. The 27-km motorway is part of transport Corridor VIII that connects the Adriatic and Ionian coasts with the Black Sea. According to latest government estimates, the total cost of the project is USD 280mn, significantly down from the initial USD 380mn. Albania has already secured a USD 222.7mn credit from Saudi-based Islamic Development Bank (IDB), USD 25mn from Saudi Arabian state-owned Fund for Development (SFD) and USD 50mn from the Abu Dhabi Fund for Development. Greek Aktor and Kuwaits Copri Construction have been selected to jointly build the entire motorway.

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