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Europe

Germany lends Albania $55 million for energy link project

Associated Press
Published | Updated

TIRANA, Albania – Germany is lending 50 million euros ($55 million) to Albania to help it build a power line with neighboring Macedonia.

Under the terms of the agreement signed Tuesday between Albania's Energy Ministry and the German Embassy in Tirana, 30 million euros has been released. The remaining 20 million will come in September.

The loan terms were not disclosed.

The European Union is also providing 14 million euros while the domestic power distribution company is investing five million euros.

Construction of the three-year project is expected to start in January 2017.

Germany has been Albania's main bilateral donor since the countries re-established diplomatic ties in 1988, lending 810 million euros for a variety of projects.