Kuwait Fund for Arab Economic Development will support the financing of a segment of the project "On rehabilitation of Vlora River Road" which is foreseen to begin implementation this year and will be completed in late 2019.
The Parliamentary Committee for Productive Activities discussed on Tuesday the draft law aimed at adopting the loan agreement between the Government and the Kuwaiti Fund for Arab Economic Development to finance this project.
The works on the road of Vlora River, with a length of 94 km is calculated at a value of about 64 million USD. Kuwaiti loan of 12 million Kuwaiti Dinars (KD) or USD 40 million, together with a contribution of the Albanian government will be used to finance the rehabilitation of the segment Vlora - Bridhe of Peshkëpia- Bridge of Laskos - Qeparo.
The project "Rehabilitation of Vlora River Road" is a very important project for the sustainable socio-economic development in the regional and local level and with a visible economic and social impact.
The project will contribute to economic and social development of the District of Vlora. According to the report accompanying the draft law, the reconstruction of the road creates a new corridor, which is more attractive, safer and easily permeable than the existing road connecting Vlora with the south and especially in the Ionian coast.
On the other hand, this project will support rural development, which is very important for the community of River of Vlora through improving access to services for residents of 60 villages, reducing the cost of travel and time of transportation of agricultural products to the markets, and diversification of the local economy through the promotion of ecotourism.
The population of Vlora River area amounts to over 40,000 inhabitants, what represents about 16% of the entire population of the District of Vlora. In this area there are more than 60 villages with a high density population, especially at a young age, and they are expected to have a number of socio-economic benefits and environmental impacts from the implementation of this project.
The project will contribute towards economic and social development of Vlora region through improved service to transport of passengers and goods, which will reduce travel time and minimize the cost of transportation, also contributed to increase of road safety.