Tirana, Albania, June 22, 2016—
IFC, a member of the World Bank Group,
and the Albanian Ministry of Energy and Industry have signed a Memorandum
of Understanding designed to establish the day-ahead electricity market
in Albania, bolster country’s electricity supplies and better connect
it to the rest of Europe.
IFC will advise the Albanian government on
the creation of the day-ahead electricity market. The market will become
the main arena for trading power, allowing Albania to buy electricity from
and sell electricity to its neighbours quickly and easily. The day-ahead
market is expected to help promote the integration of Albania's electric
grid with the rest of Europe, including neighouring Kosovo. It will also
increase price transparency, and improve the investment climate for new
“Albania is committed to the liberalization
of its power market, and we have recently adopted new energy laws,” said
Damian Gjiknuri, Albanian Minister of Energy and Industry. “The establishment
of the day-ahead electricity market is an important step in that process.”
Albania is a candidate to join the European
Union and has recently joined the Energy Community, a multi-national body,
with the EU and other Balkan countries.
“IFC is supporting the establishment of
the electricity market in Albania through a combination of advisory and
investment services,” said Thomas Lubeck, IFC Manager for the Western
Balkans. “We are looking forward to working with our partners on the establishment
of the day-ahead electricity market, which is going to benefit producers,
traders, and customers in Albania.”
This project is implemented by IFC’s public-private
partnerships transaction advisory unit, supported by the Ministry of Foreign
Affairs of Norway, the Swiss State Secretariat for Economic Affairs (SECO)
and the Ministry of Finance of Austria.
Albania became a shareholder and member of
IFC in 1991. Since then, IFC has invested $762.3 million in the country,
including $279 million mobilized from our partners, in 24 projects across
a variety of sectors. In addition, IFC has supported trade flows of $6
million through its trade finance program.
Currently, IFC's committed investment portfolio
in Albania is $187 million. IFC’s advisory services in Albania,
some offered in partnership with the World Bank, aim to improve the investment
climate, boost the performance of private sector companies, increase access
to finance, and help attract private sector participation in development
of infrastructure projects.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
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