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The government borrows 49 million dollars for the Qukës-Qafë Plloë road
The government has received an additional loan worth 49 million dollars for the completion of the Qukës-Qafë Plloçë road construction project. The loan was obtained through the Saudi Development Fund and the Council of Ministers of the Republic of Albania.
During the signing of the agreement with the Executive Director of the Saudi Development Fund Abdulrahman Al-Marshad, the Minister of Economy and Finance Delina Ibrahimaj stated that the agreement was reached with lenient terms with a term of 25 years.
"The additional agreement aims to complete the financing necessary for the successful completion of this project of particular importance, thus guaranteeing the shortest connection route between the capital and the southeast areas up to the border with Greece. The project is being implemented and is being financed with a previously signed loan of $25 million from the Saudi Development Fund and another loan from an Islamic bank.
This fund, which will be approved through the loan agreement, makes it possible to complete the missing financing, which will be the continuation of the road with a length of 43.4 kilometers, with two lanes.
In financial terms, this agreement has lenient terms, which are unusual in today's times, when we are at the height of a crisis, where interest rates are higher than they have been in recent years. This agreement will have an extension period of 25 years, with an interest rate of 2% and for the first 5 years there is no principal payment", stated the Minister of Finance Delina Ibrahimaj.
The Saudi Fund for Development has previously financed the project with a value of 25 million dollars. The signed agreement aims to complete the second part of the road.
The Qukës-Qafë Plloë road is an important segment that makes it possible to shorten a considerable distance connecting the Southeast with the capital. The works, which were started 13 years ago, have been continuously delayed, causing problems not only for the circulation of vehicles going towards the Southeast, but also for the residents of the villages.