IFC supports energy and steel sector in Albania

Corporation (IFC), a member of the World Bank Group, announced on Thursday to support energy sector and growth of the steel industry in Albania through providing a long-term loan for the main producer of iron and steel in the country.

IFC’s loan will increase competition in the energy sector and encourage economic growth. According to a World Bank press release, IFC loan of 106 million euros over an eight-year period will finance Kurum International taking into ownership and carrying rehabilitation of four hydropower plans recently privatized in Albania and which will further on generate constant energy for the steel production plant. The project will assist the steel plant to improve its competitiveness through cutting electricity cost, encouraging new investors into the energy sector in Albania and develop the opportunities of the private sector to have constant supply with energy.

“I believe that including hydro-energy production into our existing production processes will increase competitiveness of the Kurum Group Albania in the neighbouring countries in the Balkans,” said Hasmet Bedii Kurum, Chairman of The Board at Kurum Holding A.S.

Scan TV, 20.12.2013