The UAE will provide a Dh257 million ($69.9m) grant to fund the construction of a large housing project in Albania.
Abu Dhabi Fund for Development, an autonomous national organisation affiliated with the emirate’s government, approved the grant, to be provided by the UAE government, on Sunday.
The money will go towards building more than 2,000 residential housing units as part of a wider urban redevelopment plan in an area of Albania, Durres County, that sustained major damage in a series of recent earthquakes.
“This development project ... 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,” said Mohammed Al Suwaidi, director general of ADFD.
Durres County is home to Albania's second largest city as well as the Port of Durres, one of the largest transport, shipping and logistics hubs on the Adriatic Sea that links Albania to western Europe.
The area was hit by two major earthquakes last year, including the strongest quake to hit the region in more than 30 years.
This project will provide housing to the thousands of local residents displaced when 2,500 buildings were rendered uninhabitable as a result of the natural disasters.
“Albania and the UAE have long maintained a strong and mutually beneficial economic co-operation relationship,” said Arben Ahmetaj, Minister of State for Reconstruction in Albania.
“The redevelopment of Durres County has been affected by the Covid-19 pandemic and this project will help accelerate our continued economic recovery.”
ADFD will work closely with the Albanian government to monitor and supervise the project development to ensure construction is in line with international quality, environmental and safety standards.
Since 2011, ADFD has funded projects totalling more than Dh440 million, including Tirana River and road rehabilitation projects that helped increase foreign investment in Albania.
