Abu Dhabi Fund for Development Delegation to Albania Reviews Progress of Projects Worth AED423 Million

Abu Dhabi-UAE: 16 October, 2017:   A technical delegation from the Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, visited Albania to review the status of three of its financed ventures – the Tirana River Rehabilitation project, Tirana River Northern Boulevard project, as well as the Tirana-Elbasan Road project.

 

During the visit, the delegation toured the project sites and met with several Albanian government officials including Her Excellency Gelardina Prodani, Secretary General of the Ministry of Finance, Arbjan Mazniku, Deputy Mayor of Tirana, and representatives of the Albanian Road Authority. The two sides discussed ADFD’s funding parameters and guidelines, and the delegation received an update on the progress of the development projects that have a combined value of AED423.6 million.

 

The Fund provided an AED103 million concessionary loan for the Tirana River Rehabilitation project in 2013. After inspecting the site, the delegation concluded that 70 per cent of the river rehabilitation works have been completed and the project is slated for handover by Q2 2018. Rehabilitating the bed of the Tirana River, its shores and the surrounding areas will lead to improved environmental conditions.

 

As for the Tirana River Northern Boulevard project, ADFD provided an AED137 million concessionary loan in 2013. The delegation confirmed that 50 per cent of the works have been completed, including a two-storey underground car park with 333 parking spaces, equipped with an electric vehicle charging station. This project focuses on developing the infrastructure surrounding the Tirana River’s Northern Boulevard with the aim of attracting investments, tourists and trade.

The trip also encompassed a visit to the site of ADFD’s Tirana-Elbasan Road project, funded via an AED183 million concessionary loan. The works include the construction of a 28.2 metre wide, 27 kilometre long highway with a 2.2 kilometre long two-lane tunnel that will ensure smooth flow of traffic between the Albanian capital Tirana and the country’s third-largest city of Elbasan.

 

The venture seeks to support economic growth and increase the volume of domestic trade through cutting down on travel time between the two cities and reducing the number of road accidents. The delegation confirmed that several phases of the works are finished, and the project is scheduled for completion by end-2017.

 

Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “ADFD is keen on periodically dispatching its technical team to review and assess funded projects in beneficiary countries. These delegation visits are crucial in evaluating progress of projects and discussing with officials any hurdles facing completion and finding appropriate solutions.”

 

He added: “ADFD-funded projects in Albania target strategic sectors that help bring positive benefits and returns to the South-eastern European country. By providing vital opportunities for employment, these projects have directly helped large segments of the population and will continue to underpin long-term growth.”

 

For her part, the Secretary General of the Albanian Ministry of Finance praised the UAE and ADFD for their active roles in supporting the Albanian government. She lauded the Fund’s monetary contributions in developing infrastructure that will help revitalise commerce and the tourism sector. Prodani also highlighted the significance of these technical visits in addressing challenges and finding new collaborative opportunities.

 

Since 2011, ADFD has provided financial resources with a total value of AED423.6 million to finance three development projects in Albania across key economic sectors that bolster sustainable development.