EIB Strengthens Partnership with Albania to Support Green Transition and EU Integration

EIB Strengthens Partnership with Albania to Support Green Transition and EU Integration

(IN BRIEF) The European Investment Bank (EIB) has signed agreements with Albania to advance the country’s green transition and EU integration. This includes implementing the Greening Financial Systems programme, which will help Albania incorporate climate risks into its financial framework and develop a green taxonomy aligned with the Paris Agreement. The EIB will also support key infrastructure projects, including railway modernization and improvements to Tirana’s water system, as part of the EU’s Economic and Investment Plan.

(PRESS RELEASE) LUXEMBOURG, 25-Jan-2025 — /EuropaWire/ — The European Investment Bank (EIB) continues to deepen its collaboration with Albania, signing a series of agreements aimed at driving the country’s green transition and advancing its EU integration process. During a recent visit to Albania, EIB Vice-President Robert de Groot met with high-ranking officials, including Prime Minister Edi Rama, to discuss areas of mutual interest such as energy, transport, regional connectivity, and private sector growth.

A key outcome of this visit was the signing of an agreement with the Governor of the Bank of Albania, Gent Sejko, to implement the EIB’s Greening Financial Systems programme. This programme, funded by the International Climate Initiative Fund, aims to integrate climate risks into Albania’s financial regulatory framework and establish a green taxonomy aligned with the Paris Agreement. It will support Albanian banks in adopting climate finance best practices and help channel funding toward green projects, ultimately driving sustainable, climate-resilient growth across the country. The initiative will also assist local companies in adopting effective transition strategies to mitigate climate risks, supporting the Albanian economy’s green transformation.

EIB Vice-President de Groot highlighted the significance of the agreements, stating, “These steps reinforce our commitment to Albania’s EU accession journey. We remain dedicated to advancing high-impact projects that will enhance connectivity and facilitate Albania’s green transition.”

In addition to the financial and technical advisory support, de Groot signed a host country agreement with Albania’s Minister for Europe and Foreign Affairs, Igli Hasani, solidifying further cooperation under the Team Europe initiative. This agreement will enable the EIB to collaborate more closely with local partners to provide support for transformative projects such as the modernization of the railway line from Vorë to the Montenegro border, improvements to Tirana’s water distribution system, and favorable financing for small businesses.

Minister Hasani expressed his enthusiasm for the strengthened partnership, noting that the agreement plays a vital role in Albania’s rapid economic development and EU integration. He emphasized that the EIB’s expertise and increased funding would aid in the successful implementation of the EU’s Economic and Investment Plan and Growth Plan for the Western Balkans.

Governor Sejko also underlined the importance of the partnership, emphasizing that the Bank of Albania’s collaboration with the EIB would significantly boost the country’s ability to address climate risks within the financial sector. The green taxonomy developed through this initiative is expected to provide the framework for directing funds to environmentally impactful investments, enhancing transparency, and improving financial sustainability.

Silvio Gonzato, the Head of the EU Delegation to Albania, also underscored the EU’s support for strengthening the partnership between Albania and the EIB. He expressed optimism that this cooperation would contribute to the implementation of Albania’s reform agenda, modernize key sectors, and help Albania achieve its goal of becoming a more connected and prosperous member of the EU.

Since 2010, EIB Global has been a key partner for Albania, contributing €420 million to vital projects in transportation, water supply, energy, and the private sector under the Team Europe initiative.

Background information:

About the EIB and EIB Global:

The EIB is the long-term financing institution of the European Union, owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB supports projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of the Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local people, companies and institutions through our offices around the world.

About EIB Global in the Western Balkans:

The EIB is a leading international financier in the Western Balkans. Since 2009, the Bank has financed projects worth close to €11 billion in the region. On top of its continued support for the reconstruction and upgrade of public infrastructure, since 2010 the EIB has expanded into many new areas, such as healthcare, research and development, education and small and medium enterprises.

About the EIB in Albania:

The EIB has been active in Albania since 1995. To date, 27 projects have been financed and over €700 million invested, mostly in key transport, energy, water and wastewater infrastructure.

Media Contact:

Gordana Kovacevic
g.kovacevic@ext.eib.org
+352437970356

Press Office

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SOURCE: European Investment Bank