Albania and Germany sign new cooperation protocol worth 93.39 million euros
Albania and Germany signed a new Cooperation Protocol today in Berlin, outlining financial support for Albania from 2024 to 2026. The agreement includes 93.39 million euros in total, with 33.39 million euros in grants and 60 million euros in low-interest loans—an increase of 22% compared to the previous period.
Why is this important: This financial support will accelerate key sectors in Albania, such as energy, infrastructure, tourism, vocational education, and agriculture. The agreement also enhances Albania’s ability to align its legislation with European Union standards, which is crucial as the country moves toward EU integration.
Key details: The German Embassy in Tirana described the agreement as a “milestone” in the 36-year partnership between Albania and Germany. The protocol was signed after two and a half days of intensive negotiations between delegations from both countries.
The Embassy noted that, despite global financial constraints, Germany has increased its support for Albania, demonstrating its commitment to backing Albania’s reforms and progress toward EU membership. The agreement includes:
- Energy sector rehabilitation: 60 million euros in low-interest loans will be allocated for the rehabilitation of the Fierza Hydropower Plant and the digitization of transmission substations.
- Sustainable transport: A 1 million euro grant will support sustainable transportation initiatives.
- Energy efficiency: 20.39 million euros in grants will be dedicated to improving energy efficiency in public buildings.
- Ongoing support: Further commitments were made for the rehabilitation of the Vau i Dejës Hydropower Plant.
Background information: The agreement comes at a time when Albania is making significant strides in its energy and infrastructure sectors. The German Embassy highlighted the importance of this partnership in helping Albania achieve sustainable economic development and meet EU standards. It strengthens Albania-Germany cooperation and solidifies Germany’s role as a key partner in Albania’s development and EU integration process.
Go deeper
Bank of Albania urges pension reform amid demographic shifts
Published on November 15, 2024
Why is this important: The Deputy Governor emphasized that demographic and economic shifts make the pension system unstable and unsustainable. “Population aging is a long-term social concern, and we have flagged the instability of the pension scheme,” Minxhozi stated. She stressed the importance of redesigning the system to align with EU standards, ensuring sustainability and economic growth. The Bank stands ready to contribute ideas but does not propose direct solutions. Failure to act, Minxhozi warned, could hinder economic development in the medium term.
Albanian Democrats unveil economic program for upcoming 2025 elections
Published on November 15, 2024
2025 Albanian election poll: Socialists lead, skepticism over Berisha’s ‘non grata’ reversal
Published on November 15, 2024
Why is this important: If past years are any indication, as elections approach, there will be a proliferation of opinion polls across major television networks and media outlets. However, at this early stage, the Report TV poll conducted by a respected pollster offers a valuable glimpse into the current levels of support for political parties and the impact of their recent actions.