US Ex-Im Bank and Albania sign a loan agreement

Airline Industry Information, June 30, 2005

AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD

The Albanian government and the Export-Import Bank of the United States on Wednesday (29 June) signed an agreement on a loan to help Albania modernise its Air Traffic Agency and upgrade its navigation system, the US embassy in Albania reported.

The USD47.6m would help Albania buy an air traffic control navigation system from US-based Lockheed Martin Corp, as well as other equipment and services necessary for the upgrade. The aim of the project is to improve and modernise Albanian air traffic control system and link it with the rest of Europe.

Albania will not need to use any of its general revenues to finance the project, because it will be financed with revenues from airlines flying over the country, the embassy statement said.

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