DUBAI: The Abu Dhabi Fund for Development (ADFD) has approved a $70 million grant to fund the development of more than 2,000 residential housing units in Albania.
The urban reconstruction program in Durrës County, one of the country’s leading economic centers, is being undertaken after the area sustained major damage from recent earthquakes.
Durrës County is home to the nation’s second largest city as well as the Port of Durrës, one of the largest transportation, shipping and logistics hubs on the Adriatic Sea that links Albania to Western Europe.
Durrës County was hit by two earthquakes in 2019, including the strongest quake to hit the region in more than 30 years just months before the COVID-19 pandemic struck.
“This development project truly represents the core values of ADFD and the UAE. It helps provide people with safe, affordable housing in line with UN Sustainable Development Goals while contributing to the positive economic development of a long-term strategic global partner nation,” Mohammed Saif Al-Suwaidi, Director-General of ADFD, said in a statement.
Al-Suwaidi signed the financing agreement with Arben Ahmetaj, Albania’s Minister of State for Reconstruction.
“The redevelopment of Durrës County has been impacted by the global pandemic and this project will help accelerate our continued economic recovery,” Ahmetaj said.
The ADFD has funded $119 million worth of projects in Albania since 2011, which include the Tirana River and road rehabilitation projects.