Friday, May 6, 2005

Germany will lend Albania €16.7 million (USD21.5 million) as part of a loan in order to help the country improve its water supply networks in two southeastern towns, Pogradec and Korca. The deal was signed last Tuesday between the Albanian Finance Ministry and Germany’s government-owned KfW Bank.

Germany has been one of the most significant donors to Albania since the fall of Communism. In total, it has contributed more than €326 million to the country’s development, while investing €135 million in its water supply and urban canals. 80% of this has been given through grants.