Albanian government is trying to secure 250 million Euros from international financial markets

Albanian government is trying to secure 250 million Euros from international financial markets

Tirana, March 16, 2015/Independent Balkan News Agency

The Albanian government has decided to secure 250 million Euros from the international financial market. With this money, it wants to credit the economy of the country which needs financial sources.

Ministry of Finance has issued an auction announcement where it invites international financial institutions to become part of the auction.

The request that holds the name of deputy Finance Minister, Erjon Luci, says that the aim is to use the debt to support public investments in Albania.

The guarantor for 200 out of the total of 250 million Euros is the International Bank for Reconstruction and Development.

The maturity of this loan will be 10 years and the aim is for it to become effective no later than 30 June 2015.

The loan interest can be paid every year or every six months.

The proposals of the financial institutions are expected to arrive at the Albanian Ministry of Finance no later than 1 April 2015.

This loan is expected to further increase Albania’s total debt. At the end of 2014, this debt was 978 billion ALL, around 7 billion Euros, thus marking the biggest annual increase since 2009. In 2010, Albania borrowed 300 million Euros in Eurobonds with an interest rate of 7,5%. /ibna/