Energy Sector, World Bank gives Albania $ 150 million
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In a statement the World Bank said that the Board of Executive Directors approved yesterday a $ 150 million fund to finance the the Energy Sector in Albania.

The statement came from Tahseen Sayed, the new manager of World Bank, according to which, the project will support reforms in Albania's energy sector, focusing particularly on improving the power supply and the financial sustainability of the sector.

"The energy sector in Albania is facing serious financial and operational challenges, including a high deficit without funding of about 550 million dollars and a great level of technical and commercial losses of around 42 percent, the highest in the region, due to non-payment of electricity bills by consumers, as well as low rates of debt collection. Energy production relies almost entirely on hydropower in the country, which means that energy imports are often required during seasons when country faces drought and lack of rainfall, "said Sayed.

Among other things, he noted that the government's efforts to reform the energy sector include diversification of productive resources, reducing the level of energy loss during distribution, improving energy payment from customers, and improving the energy market model is in accordance with EU standards.

A Comprehensive Plan for the Energy Sector Recovery will be implemented to address the problems, particularly its fiscal sustainability.

"Project Energy Sector Recovery supports the government's reforms, and will help increase investments, improve the management and performance, especially in the distribution of energy and reduction of debt", he said. /
Published on: September 30, 2014 - 1:00 pm
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