TIRANA (Albania), April 15 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) has disbursed an additional 50 million euro ($54.8 million) of its sovereign guaranteed loan intended to support the restructuring reforms of Albania's state-owned power corporation KESH, the lender said.
The loan brings funds disbursed to date to KESH to 168 million euro, the EBRD said in a press release on Tuesday.
The purpose of this long term facility is to restructure the company's balance sheet and strengthen the financial resilience of the energy sector, especially in the face of the Covid-19 crises, the bank noted.
The funds were released against progress made by KESH and the Albanian energy sector on a set of reform conditionalities agreed with the authorities in co-ordination with the Energy Community Secretariat and other international financial institutions and outlined in the financing agreements.
A further amount of up to 50 million euro remains available for disbursement subject to further progress on reforms, the bank added.
KESH supplies almost 70% of Albania's electricity demand through own generation.
($ = 0.9127 euro)