The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are boosting the competiveness of the tourism sector in Albania.
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are boosting the competiveness of the tourism sector in Albania. Agreements formalising the cooperation in the sector were signed today between the EBRD and the government of Albania on the sidelines of the EBRD Annual Meeting 2020.
The EBRD is providing a €60 million loan to co-finance tourism-enabling infrastructure, such as roads, water and wastewater improvements and municipal infrastructure upgrades, with a particular focus on the municipalities of Berat, Korca, Fier and Shkoder.
The EU is also providing €40 million in grants through its “Instrument for Pre-Accession Assistance” for technical assistance and investments. The EU funds will be used for the restoration, improvement and development of cultural and natural heritage sites in the country.
In addition, the two partners will offer technical assistance and training opportunities, funded by the EU, to help improve the local tourism standards and ensure women’s participation in Albania’s tourism value chain.
Under the EBRD’s Advice for Small Businesses initiative and with the EU’s support, the Bank will also offer consultancy services to small and medium-sized enterprises, which are active in the tourism sector, by providing know-how on improving their businesses.
To date, the EBRD has invested over €1.4 billion in 100 projects in Albania, while the EU is the largest donor in Albania and has provided over €700 million between 2014 and 2020.