Budget Supports 14 Strategic Projects in Tirana
At least 14 strategic projects are expected to be financially supported by Tirana's Euro 320 million budget for 2024. In the list drawn up about the draft budget, some of the projects that have been going on for years, are under construction, and some others are still on paper or at the beginning of conception.
The first project remains the new Theater of Tirana, which has already started construction for some time. The second project is the Technology and Economic Development area - TEDA, for which a contract was signed in August of this year.
According to the feasibility study and the business plan drawn up for the implementation of this project, a total of Lek 1.5 billion will be invested and it is expected that 5-7 thousand new jobs will be created. This project enjoys the strategic investment status granted by the Strategic Investments Committee at the Albanian Investment Development Agency.
The third project of Polycentric Tirana also mentioned in the development plan of the capital aims to have a development with several poles of the city and not concentrated in only one part, mainly the center. The project envisages that the North Pole will be the New Boulevard, that of the Kombinat area, and the Pole of the former Auto-tractor Factory.
The other project is the expansion of the Lana River, which foresees improvement interventions as Lana will be extended from Kashari to Shkoza.
The Road Ring of Tirana is another important ongoing project. “The completion of the Great Ring of Tirana is an important step towards easing traffic, as it serves as a bypass road for the transport of goods away from the urban area," the report states.
The Green Transport in Tirana is another project that is being supported by the European Bank for Reconstruction and Development and the Ministry of Infrastructure and Energy. The project has benefited from a Euro 110 million loan and in July of this year, it was Infrastructure Ministry that announced the expression of interest phase. The project envisages providing a significant portion of the city's growing demand for mobility through sustainable, green, attractive, safe, comfortable, and accessible public bus transport.
Other projects include the Museum of Tirana, the Volley and basketball stadium, the “Selman Stërmasi” Stadium, the Botanical Garden, and the Convention and Exhibition Center. The International Fair Center is also planned, a project that was previously approved by the government. The report underlines that another project is the Museum of Modern Art, while the Reconstruction Program will also continue.
According to data from the central bank, the NPL ratio of Albania's banking system stood at 5.24% at the end of September, slightly lower than 5.30% a month earlier.