The railway rehabilitation project of Albania that will connect Tirana and Durres - the two largest cities in the country - as well as to the new stop of the Rinas international airport, has been named “best railway link of the 2017” by the EMEA Project Finance Awards, the annual awards of the UK magazine.
The European Bank for Reconstruction and Development, based in London, which co-finances the restructuring project, states that the project, already being implemented, supports the modal shift from road to rail transport.
The awards were presented this week by EMEA Finance magazine in London, which reviewed the best offers of financial projects granted last year, namely in the 2017.
The Tirana-Durazzo railway line
The 34 km project for the rehabilitation of the Tirana-Durres railway line, which should considerably improve transport connections between the two largest cities in the country - in fact, about 1 million passengers a year are planned - and offer a faster alternative to current road transport. In addition, a new 7,4 km rail link will connect both cities to the Rinas international airport.
Albanian state rail transport has been in constant decline over the past two decades, with a downward trend in passenger and freight transport and, due to increasing losses, with an economic burden on Albanian tax payers for millions of euros.
The current 90 million-euro modernization project is funded by the European Union - with grants falling within the context of investments in the Western Balkans - for 35,5 million, by the European central bank for reconstruction and development for 37 million euro and the remaining part financed by the Albanian government (about 16 million).
Albania would now already have a modern railway network linking Tirana and Durazzo if it had not unilaterally canceled a similar contract with the American company General Electric in the 2005. For this reason, in March of the 2010, an arbitral tribunal condemned the Albanian government to compensate about 20 million dollars to the American company for the cancellation of the contract (worth 74 million euros).
Follow Albania News on Google News