TIRANA, Albania (AP) — The World Bank has agreed to lend Albania up to $1.2 billion (1.08 billion euros) to support its public finances and invest in infrastructure.
A statement from the bank Friday said the board of directors agreed on a 2015-2019 lending program to support Albania's growth as it tries to join the European Union.
The money will be used for fiscal stability, infrastructure projects and strengthening the private sector in Albania. The country suffers from rapidly rising public debt, which has reached 70 percent of gross domestic product, up from 60 percent in 2012.
Part of the loans are already being used to fund the budget and support the energy and health sectors as well as road safety, at a total cost of $490 million, the bank said.