How the government avoided participating in the Marina of Vlora, "forgave" 23 million euros to the strategic investor

The two most important ports in the country, that of Durrës and Vlora, are two similar projects that were given to private individuals under the strategic investment law through different procedures. In "Marina di Valona", in addition to the law of strategic investments, the government also applied "Albania 1 Euro" and chose not to participate in this investment, forgiving 23 million euros to the private sector.

In 2022, the government decided to give 57,502 m ² to the concessionaire of the Yacht Port in Vlora , at a rent of 1 euro. The move came at a time when the company had also acquired the status of a strategic investor.

By means of this intervention, the government gave up its participation in this project, raising questions about the functioning of the law of strategic investments.

Unlike the case of Vlora, in "Durrës Yacht & Marina", a project full of light and shade, VKM 1030/2015 has been applied, which regulates the way the state participates in a strategic investment.

Referring to the business plan of "Marina di Valona", if the state was a shareholder with the same percentage as in Durrës, at least 23 million euros would have been earned. Currently, the state will only benefit from 5 million that come from the privatization of land.

In order to protect the public interest, the strategic investment law approved in 2015 provides for the state's participation in projects of interest to it.

In the same year, in December 2015, VKM 1030 came out, which defines the procedures for how the state becomes a participant in a strategic investment, where it is detailed that the state makes properties, assets available to the developer and creates facilities for them. In return, the co-participation is rewarded through the payment of fees, products or realized profits or through other forms defined in the contract with the strategic investor.

Despite these legal guarantees, at least in one of the projects, the state has chosen to give up co-ownership.

"The fiscal facilities that have been offered to such investors have created ground for fiscal evasion, have fed the corruption of high officials and politicians and have made the economy less competitive in the sectors where this legal framework has been applied. " - says Zef Preçi, executive director of the Albanian Center for Economic Research 

In the two projects, that of "Marina di Valona" and "Durrës Yacht & Marina", the state has made the land of the two ports available to the private sector, but has chosen to apply different co-ownership regimes.

In "Marina di Valona" he decided not to be part of the project, while in "Durrës Yacht Marina", he was a shareholder with 33%, receiving 1/3 of the profit.

Pano Soko, economic expert, the essence of the problem lies in the legal basis approved by the parliament.

“Në rastin e pjesëmarrjes shtetërore në investimet të tilla hibride duhet të kishim vetëm një ligj që përmblidhte gjithë rregullimin ligjor në marrëdhënien mes shtetit dhe privatit.”– thotë Pano Soko, ekspert ekonomie.

Koncesioni për “Portin e Jahteve” dhe investimi strategjik “Marina di Valona” janë dy projekte të ndryshme por që herë pas here, trajtohen si të integruara. Ata janë marrë përsipër të ndërtohen nga bashkimi i operatorëve “Brunes”, “Ndregjoni” dhe “Marina Projects”.

 “Ishte një bashkim mekanik procedurash që jo vetëm po shkelte ligjin, por që as nuk ngjiste logjikisht.” –Pano Soko, Ekspert Ekonomie.

Ndryshe nga Vlora, projekti i shumëdebatuar i “Durrës Yacht Marina” bazohet vetëm në ligjin e investimeve strategjike. Projekti u cilësua antikushtetues dhe korruptiv pasi investitorit arab të “Symphony Real Esatate Devolopment” po i falej një aset që vlen miliarda euro.

“Porti i Durrësit është një pasuri kaq e rrallë, saqë vetëm 79 milionë Euro investim fillestar, do të prodhojë mbi 3 miliardë Euro të ardhura. Kështu shkruhet tek biznes plani. Po ne si shtet kemi mbetur keq për 79 milionë euro, që nuk e investojmë vetë?” – thotë Pano Soko.

Ligji i investimeve strategjike dhe ai “Shqipëria 1 euro” u bënë bashkë për projektin e “Marina Di Valona”. Komitetit i Investimeve Strategjike, përmend në vendim e miratimit, edhe VKM-në 1030, që rregullon pjesëmarrjen e shteti në projekt, më konkretisht kreun dy të saj.

Por në kreun dy flitet vetëm për krijimin, funksionimin dhe administrimin e fondit të pasurive të paluajtshme për mbështetjen e investimeve strategjike dhe jo procedurën e pjesëmarrjes së shtetit për tokën e dhënë dhe formën e shpërblimit, që trajtohen në kreun e parë.

Në këtë vendim, për masën mbështetëse “vendosja në dispozicion e pasurive shtetërore”, citohet neni 27, i ligjit të investimeve strategjike dhe VKM 1030/2015, që rregullon pjesëmarrjen e shtetit, deri këtu në harmoni me vendimin për Portin e Durrësit.

Në rastin e Portit të Vlorës në kolonën mbi dokumentacionin e nevojshëm që duhet të paraqesë subjekti, citohet VKM nr. 54/ 2014, “Shqipëria 1 euro” duke ua dhënë tokën ku do të zhvillohen ndërtimet e hoteleve dhe apartamenteve me qira simbolike.

“A është gjithë ky kolorit legjislativ një mekanizëm për të mbuluar ligjërisht abuzimet, pra që parashikonte mbrojtje për çdo lloj abuzimi? Personalisht besoj se kjo është arsyeja pse kemi kaq shumë ligje.”– thotë Pano Soko, ekspert ekonomie.

Me këtë lëvizje ligjore kompania mori me qira 1 euro për 20 vite, 57 502 m2 me të drejtën për të privatizuar tokën. Referuar planit të biznesit që shoqëron kontratën e miratuar me VKM 599, datë 13.10.2021, koncensionari deklaron se mund ta blejë këtë sipërfaqe të lakmuar në zemër të Vlorës me një çmim prej vetëm 88 euro për metër.

Referring to the business plan presented by the companies themselves for "Marina di Valona", 82,500 m2 of residence will be built and that's it for the resort. 58 million euros will be collected from the sales of the residential complex, the net profit for this item alone will be around 20 million euros. While the total net profit for the company is 70 million euros (20 million euros from the residences and 50 million euros from the resort) in the first 10 years of operation.

If the government would receive 33% of the profit as a reward for the land it contributed, as in "Durrës Yacht Marina", the state coffers would receive about 23 million euros. But this calculation was made with the business plan where the company will sell the square meter of housing for 750 euros and 1250 euros for the service units.

Currently, the prices per square meter in "Marina Residence Vlorë" range from 2,500 to 3,500 euros, causing the company to calculate three times the profit from the residential complex alone.

As a result, the profit for the state budget would also triple. According to calculations, if the state had been a shareholder in this project, it would have earned more than the 5 million euros it receives from the sale of the land at the reference price and not the market, a profit that is calculated in the value of 23 million euros that was forgiven to the company only that the state decided not to be a shareholder in this project.

But the government took care to sell this investment differently.

"Tourist ports in themselves are big investments and they are not investments that bring a reasonable profit unless they have the hospitality complex there or residential. There are two roads here, either the state will build it, or you will ask private enterprises. To our knowledge, the entire Mediterranean does it the way we do it, we did not invent it" - said Edi Rama, about the Vlora port project.

The answer to why a merger of companies would invest 22.8 million euros in a business that was not profitable is given by the integrated business plan of the companies (port plus construction), which is from December 2020, when the competitive procedure for the yacht harbor was not finished.

This document envisages the construction of residential residences and a tourist resort, raising questions that the companies knew that the government would also give them the port land for construction.

"That was the funniest part. How are 3 bids presented for a losing concession? The law does not allow the concession of non-feasible assets, but even if we think that for a moment the situation went to the administration, these private individuals who come to compete, are they stupid or what?" asks Pano Soko.  

Seeing the scope of implementation and application of this law, Zef Preçi requests its repeal.

"It has not served the public interest and as such, this legal framework deserves to be abrogated (abolished) and not amended." - Zef Preçi, Executive Director of the Albanian Center for Economic Research.