World Bank Grants USD 1.2 B in Aid to Albania

World » SOUTHEAST EUROPE | May 22, 2015, Friday // 08:17
Bulgaria: World Bank Grants USD 1.2 B in Aid to Albania File photo

The World Bank Group is allocating USD 1.2 B to Albania under the 2015-2019 Country Partnership Framework (CPF), the international institution has announced.

This is a substantial share of its GDP, which amounted to about USD 13.6 B in 2014 according to national statistics.

According to a press statement released Thursday, the aim is to support "Albania’s aspirations to achieve equitable growth and integration into the European Union."

The World Bank Group (WBG) includes in Albania includes the International Bank for Reconstruction and Development, the International Finance Corporation (IFC, the private sector arm) and the Multilateral Investment Guarantee Agency (MIGA) providing investment risk insurance.

In the list of reforms in Albania on which the WB is putting an emphasis are "restoring macro-fiscal sustainability, stimulating private sector growth, and creating an accountable government".

The 2015-2019 framework comprises three main areas: fiscal sustainability and financial stability; stimulating private sector growth; strengthening of public sector management and service delivery.

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Tags: World Bank Group, Albania, aid, Country Partnership Framework
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