Saudi SFD fund extends USD 25mn for construction of key road in Albania.

By bne IntelliNews June 27, 2011
Saudi Arabian state-owned Fund for Development (SFD) has approved a USD 25mn loan to finance the construction of Albanias highway Tirana-Elbasan, the finance ministry said in a statement. The 25-year loan has a grace period of 5 years carries an annual interest rate of 2%. The total cost of the project is estimated at USD 380mn, of which the major part will be financed by Saudi Arabia-based Islamic Development Bank (IDB) with a USD 222.7mn credit. Abu Dhabi Fund for Development will also support the project. The 32-km Tirana-Elbasan highway is part of the transport Corridor VIII that connects the Adriatic and Ionian coasts with the Black Sea coast. It will reduce the driving time between the two towns to 18 minutes from one hour. Greek construction company Aktor has already started building the 4-km long Kerraba tunnel on the motorway, which is due to be completed by end-2012. Aktor won the tender, offering EUR 59mn, significantly lower than the indicative project cost of EUR 110mn.
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