EBRD lends € 70 million to Albanian electricity distributor OSHEE
TIRANA (Albania), September 9 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) has announced that it is granting a loan of 70 million euros ($ 82.7 million) to the network operator of distribution of electricity from the Albanian state OSHEE to help it fill the cash flow shortages caused by the Covid-19 pandemic.
Part of the loan can also be used to finance the construction of a new underground substation in central Tirana, the EBRD said in a statement on Wednesday.
OSHEE will also benefit from a technical assistance package that will help it improve its health and safety protocols, strengthen its anti-corruption governance and develop an inclusive training program for young professionals. The package will also include a smart grid development roadmap study to explore the digitalization of the distribution network.
“This is an important project for OSHEE and for the Albanian energy sector. The EBRD loan will support OSHEE’s efforts to mitigate the consequences of Covid-19 and to modernize and commercialize its business operations. This project aligns with our important achievements in reforming and improving the Albanian energy sector, ”Albanian Minister of Finance and Economy Anila Denaj said in the statement.
Through its subsidiaries, OSHEE manages and operates Albania’s electricity distribution network and related infrastructure, and provides electricity to regulated customers.
($ = 0.8463 euro)