TIRANA (Albania), August 29 (SeeNews) - Raiffeisen Albania has lent 40 million euro ($59 million) to help the country's power utility KESH import electricity for the rest of the year, the bank said on Friday.
The loan agreement was signed earlier this week, the bank said in a statement.
Last year the bank extended 10 million euro to KESH to finance energy imports.
More than 95% of Albania’s electricity output is generated by hydropower plants, which are outdated and unable to meet rising domestic demand.
Albania’s electricity production dropped by 45% to 2,900 GWh last year due to drought in 2006 and 2007, when the country suffered one of its worst energy crises, with blackouts of up to 20-1/2 hours, as the drought depleted the water reserves. Thanks to sufficient snow and rainfall in the winter of 2007/2008 Albania expects to raise its electricity output to 4,198 GWh this year. However, the country has earmarked 201 million euro ($314.17 million) for the import of 2,215 GWh of electricity this year.
($=0.6781 euro)
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