World Bank grants Albania 150 million US dollars for energy reform

The World Bank on Monday approved a fund of 150 million US dollars to finance Albania's Energy Sector Recovery Project, reported the Albanian Telegraphic Agency. Tahseen Sayed, World Bank manager in Albania, said the money will be used to support reform of the country's energy industry, which focuses on improving the power supply system and the sector's financial sustainability. ‘Albania's energy sector is currently facing serious financial and operational crises, including a big deficit of 550 million dollars, a heavy technical and commercial loss of about 42 per cent, the highest one in the Balkan region, due to the non-payment of energy bills and the low rates of arrears collections,’ said Sayed. The country's energy production almost entirely depends on hydro-power plants so that energy import is often needed during drought seasons, she noted, according to shanghaidaily.com