Albania's government has told the International Herald Tribune that it has taken out a 66.2 million euro loan from the Japanese government to modernise and overhaul its canal system and build a sewage treatment plant. The deal, which gives Albania a forty year period to repay the loan, was signed June 30 2008.
This is just the latest in a series of major financial commitments made by the Albanian government, including a 25 million euro loan from Austria at the beginning of last month to help Albania meet its requirements for EU entry, and another major loan taken by the Duress port authority from the European Bank for Reconstruction and Development to renovate the existing quays and build a new terminal at Albania's largest port.
All loans taken out by Albania are directed at improving the country's infrastructure with a view to aiding its flourishing track record for economic growth, which has been almost constant since it left Communism behind in 1992. It is a testament to Albania's economic performance since 1992 that it is taking out loans as oppose to receiving grants, it has had the economic power to take out such loans since the World Bank upped its designation to a middle-income country in 2007.
The Albanian government has an exemplary record for managing the country's economy, maintaining strong growth while keeping inflation low. The fact that it is taking out these major loans is a major indication of their forecast for the Albanian economy, which they clearly expect to continue growing strongly. And they are not the only ones; David Stanley Redfern's head of international research, said:
"Albania is one of the best places in the world to make a long-term property investment, not only is the government proving their competence time and time again by generating substantial economic growth in its own right while maintaining low inflation. But Albania is all set to become a full member of the EU in 2014, EU loans during this period will bolster the economy and continually aide schemes to develop the infrastructure, which then aides further economic growth, and then Albania's economy will be further boosted by reduced trade tariffs, repatriations from Albanian's going abroad to work, and a whole host of other benefits of EU membership."
One impressive factor that has come from Albania's economic growth of this decade is that a quarter of the population's poorest were brought out of poverty between 2002 and 2006, and unemployment continues to fall, at the same time as wages rise. As Albania's internal wealth and affluence continues to rise, living costs rise, and property values are continuously pushed up. But another benefit is that there will be plenty of Albanian's looking for homes, when investors decide to collect on their long-term investment gains. All round Albania is perfect.
Find out more about property Albania and buying property in Albania.
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David Redfern is the director of DSR Asset Management Ltd an overseas property investment specialist. David works closely with developers in more than forty countries and oversees the DSR education programme which lectures individuals and organisations on property investment. Advertise Your Private Overseas Property
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