World Bank encourages Albania to speed up economic reforms - Hydro Balkans
+44 207 394 30 90 (London)

World Bank encourages Albania to speed up economic reforms

Main » novosti » 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.

Source: xinhuanet.com

MORE:

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,…


HPP BUK BIJELA

In March 2019 Serbia and Republika Srpska (RS) intend to jointly build the hydropower plant (HPP) Buk Bijela. The installed capacity of more than 180 MW, will equally contribute

to the energy stability of Serbia and the RS. HPP Buk Bijela will be built about 11.6 kilometres upstream from Foča. It is planned to be equipped with three hydro generators with

a total capacity of 93 MW, with the expected average annual electricity generation at around 330 GWh. The project would require an investment of EUR 193 million. Elektroprivreda Srbije (EPS) is currently reviewing the project for HPPs Buk Bijela, to be followed by determining the pace of implementation.

OVERHAUL OF DJERDAP 1,2 HPPS

At the end of 2017, EP S announced its intention to overhaul 10 units of HPP Đerdap 2 over 10 years, to help ex tend the plant ’s lifespan and boost its capacity by 50 MW. EPS and Siloviye Mashiny are cooperating on the overhaul of HPP Đerdap 1. The overhaul began in 2009. In Jul y 2018, the t wo companies signed a contract on the modernization of the A2 and A3 units in or der to complete the revitalization of the entire HPP in 2021.

CONSTRUCTION OF 2 SMALL HYDROPOWER PLANTS

EPS (Serbian state-owned power utility) plans the construction of 2 small hydropower plants on existing dams – SHPP Celije and SHP P Rovni. The project is a part of the programme for reconstruction of SHPPs through the loan of EBRD. The programme encompasses the reconstruction of 15 SHP Ps with total installed capacity of 18 MW. The project also includes the supply of electrical and mechanical equipment and their installation. Once the tender documents are signed, the works will be completed within 62 weeks.