EIB's provides its first loan for environment in Western Balkans
The European Investment Bank (EIB), the Union's long-term financing institution, provided its first ever loan for an environment project in the Western Balkans.
Jan. 9, 2003 -- The European Investment Bank (EIB), the Union's long-term financing institution, provided its first ever loan for an environment project in the Western Balkans. The EUR 27 million financing is for water infrastructure in 5 Albanian municipalities (Durrës, Korce, Lezhe & Shengjin, and Saranda).
The project concerns basic water supply, sewer network and collection systems and low-cost wastewater treatment infrastructure. Integral to the project are measures to improve the financial viability of the municipal water and sewerage companies concerned, as well as to ensure sound project implementation and subsequent management.
The project has been developed together with the Albanian Government, the local municipalities and water companies, as well as co-financiers already active in the Albanian water sector, with the aim of improving water and wastewater services in line with the Albanian Water Supply and Sanitation Strategy which addresses the structural problems faced by the sector.
EIB's long-term lending, with an extended grace period and at favourable rates complements well technical assistance for capacity building, as well as concessional financing and grants provided by co-financiers the World Bank/IDA, Kreditanstalt für Wiederaufbau (KfW), the Global Environmental Fund (GEF) and Government of Luxembourg through Lux Development..
The above financiers are joining forces as this collaboration has a positive impact on the financial viability of the project in the cities involved, and environmental benefits such as improved quality of life and enhanced recreational attractiveness of the tourist areas of Saranda, Shengjin and the beach area South of Durrës.