Wednesday, April 16, 2008

Japan to finance USD 120mn sewerage upgrade in Tirana.

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Japan to finance USD 120mn sewerage upgrade in Tirana. The government of Japan has signed an agreement on Tuesday with the Albanian authorities to finance a project for the rehabilitation of the sewage system in the capital city Tirana which will be worth about USD 120mn, reads a statement of the foreign ministry. The agreement was endorsed by foreign minister Lulzim Basha and Japanese Ambassador to Tirana Yuji Nakamura. The government said earlier that it was negotiating a loan from the Japan Bank for International Cooperation (JBIC) for the project. According to previous statements the money was to be lent at an annual interest rate of 0.6% with a maturity of 40 years as well as a 10-year grace period. A delegation of the Albanian government headed by PM Sali Berisha recently paid a historic visit to the Asian country. One of the most significant investments of the Japanese government is the recently signed USD 950,000agreement for financing the dam safety project with the cooperation of the World Bank.

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Japan to finance USD 120mn sewerage upgrade in Tirana.

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