TIRANA, Albania — The European Bank for Reconstruction and Development and the European Union on Thursday gave 100 million euros ($117.5 million) to Albania to assist its tourism sector recover and increase its competitiveness in the area.
The EBRD gave a soft loan of 60 million euros into co-finance tourism-related jobs in infrastructure, like streets, water, and wastewater developments and municipal infrastructure updates. It said the cash will be spent from the municipalities of Berat, Korca, Fier, and Shkoder, without making clear the loan provisions.
The EU gave a 40 million-euro grant, to be used for its restoration, development, and improvement of natural and cultural heritage sites in the nation.
The EBRD and the EU will also provide technical help and training opportunities to help enhance tourism criteria and guarantee women’s involvement.
Tourism in Albania has gained significance in the last few years and today accounts for 8.5percent of the nation’s GDP.
Albania has a 475-kilometer (300-mile) shore but the majority of the nation’s land is covered with hills, which makes it perfect for both mountain and beach tourism. Additionally, it has many historical archaeological sites as the nation is situated between the early Roman and Portuguese empires and Greece.
However, an earthquake this past year along with also the coronavirus lockdown has halved the number of tourists listed in September this year in comparison to one year ago.