Skip to main content

World Bank approves $220 million loan to Albania

By WTOP Staff

TIRANA, Albania (AP) — Albania has signed two budget support loans worth a total of $220 million (162 million euros) with the World Bank.

The loans aim to help Albania’s budget, especially its problems with arrears, and support the government’s tax, pensions and energy sector reforms. The funds are to be paid back in 30 years with a seven-year grace period, a World Bank statement said Friday.

Albania’s government is suffering from a public debt that reached 70.5 percent in 2013, up from 60 percent a year ago.

The Bank and the Tirana government did not say what the interest rate for the loans was.

In February the International Monetary Fund provided a 331 million-euro ($450 million) loan to Albania.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Emergency guide: What you should do to prepare for emergencies

By WTOP Staff
WASHINGTON — Do you know what you'd do if an emergency hits? What if you're at work, your spouse is stuck in traffic and your children are in school? There's no way to plan for every emergency, but you can make sure you're prepared for different scenarios, including making a plan for your family and building a kit of emergency supplies.
Read Next Story

Related News

Cards, gifts cross religious lines

Mind your mouth: How oral health affects overall health

5 questions to ask before buying a winter home