World Bank approves $220 million loan to Albania

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News,Business,World Bank

TIRANA, Albania (AP) — Albania has signed two budget support loans worth a total of $220 million (162 million euros) with the World Bank.

The loans aim to help Albania's budget, especially its problems with arrears, and support the government's tax, pensions and energy sector reforms. The funds are to be paid back in 30 years with a seven-year grace period, a World Bank statement said Friday.

Albania's government is suffering from a public debt that reached 70.5 percent in 2013, up from 60 percent a year ago.

The Bank and the Tirana government did not say what the interest rate for the loans was.

In February the International Monetary Fund provided a 331 million-euro ($450 million) loan to Albania.

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