World Bank encourages Albania to speed up economic reforms
» World Bank encourages Albania to speed up…
TIRANA, Nov. 16 (Xinhua) — Albania is expected to record a 3.8-percent economic growth in 2017, mainly driven by the increase of domestic demand, foreign direct investment and consumption, World Bank representatives told reporters here on Thursday.
While presenting World Bank’s 12th Western Balkans Regular Economic Report, World Bank representatives in Tirana said that growth was expected to moderate to an average of 3.6 percent for 2018-19 as private consumption accelerated.
According to the World Bank report, investment dynamics are linked to progress on two large FDI-financed energy projects such as the Trans Adriatic Pipeline and the Devoll hydropower plant.
Meanwhile, it showed that private consumption was supported by job creation and the easing of credit conditions.
“The economic expansion has created jobs. Prudent fiscal policy, continuing during the electoral year, has reduced public debt,” World Bank said.
The report showed that the economic growth stimulated job creation in 2016 and the first half of 2017 when the employment grew by 2.5 percentage points in 2016 and 1.7 percentage points in the first half of 2017.
However, World Bank experts said that Albania must speed up reforms to consolidate public finances, improve the efficiency of spending, reduce risks from the energy and financial sectors, and build up the legal system.
According to the World Bank, reforms are critical for Albania to foster confidence and accelerate growth.
“Sustained fiscal consolidation efforts and structural reforms should gradually reduce the fiscal deficit to 1.5 percent of GDP by 2019 and the debt-to-GDP ratio to 60 percent of GDP by 2022,” World Bank noted in its report on Albania.
EPCG to invest EUR 700 million to build new renewables capacities, upgrade other facilities
Author: Vladimir Berbatović Source: Balkan Green Energy News https://balkangreenenergynews.com/epcg-to-invest-eur-700-million-to-build-new-renewables-capacities-upgrade-other-facilities/ State power utility Elektroprivreda Crne Gore (ЕPCG) will invest a total of EUR 700 million to build new renewable energy capacities and upgrade its other power generation facilities to bring them into line with environmental standards, with the aim of reducing dependence on imports due to hydrologic conditions,…
EPS to invest EUR 4.6 billion by 2027, EUR 700 million to go into hydropower, renewables
Author: Vladimir Spasić Source: Balkan Green Energy News https://balkangreenenergynews.com/eps-to-invest-eur-4-6-billion-by-2027-eur-700-million-to-go-into-hydropower-renewables/ Public power utility Elektroprivreda Srbije (EPS) intends to invest EUR 4.6 billion from 2019 to 2027, of which EUR 1.6 billion in the modernization of existing and construction of new thermal power plants (TPPs) as well as environmental protection, EUR 1,3 billion in distribution projects, EUR 1 billion…
Romanian hydropower company spends EUR 80 mln to refurbish 350MW power plant
Romania’s state-owned hydropower company Hidroelectrica will totally refurbish its hydropower plant (CHE) Râu Mare – Retezat under a EUR 80 million project, financed from own funds. The plan’s capacity will increase to 350MW after the process, Economica.net reported. The company wants to make CHE Râu Mare – Retezat the country’s largest supplier of system services,…