Islamic Development Bank approves USD 222.7mn loan for Albanian road project.

By bne IntelliNews March 3, 2011
Saudi Arabia-based Islamic Development Bank (IDB) has approved a USD 222.7mn loan to finance the construction of Albania's key highway Tirana-Elbasan, the bank said on its website. The total cost of the project is estimated at USD 350mn and will be co-financed by other Arab financial organisations such as Abu Dhabi Fund for Development and Kuwaiti Fund. The EBRD and EIB have also expressed interest in supporting the project. The Albanian ministry of public works is expected to open today (March 3) the bids for the construction of the Tirana-Elbasan tunnel, which is to be part of the highway. The motorway, part of European Union-defined transport Corridor VIII, will reduce the driving time between the two towns to 18 minutes from one hour. The distance between Elbasan and Tirana is around 30 kilometres. Corridor VIII links the Adriatic and Ionian coasts with the Black Sea coast.

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