World Bank Launches New Partnership Strategy with Albania

World Bank Launches New Partnership Strategy with Albania

The FINANCIAL -- The World Bank Group’s Board of Directors on July 15 discussed a new Country Partnership Strategy (CPS) for Albania, which provides the framework for the World Bank Group’s assistance to Albania for 2011-2014. According to World Bank , the new Strategy is fully aligned with Albania’s National Strategy for Development and Integration and is grounded on a broad and continuous dialogue with the Government of Albania and consultations with all development partners. The new World Bank -International Finance Corporation (IFC) joint CPS envisages financing up to $275 million from the International Bank for Reconstruction and Development (IBRD) and up to $120-150 million from the IFC over the four-year period. “Albania is a development success story in many respects, having made remarkable strides in economic and social development over the past decade,” said Jane Armitage, World Bank Country Director and Regional Coordinator for Southeast Europe. “However, like many of its neighbors, Albania now faces a more difficult external environment following the global financial crisis. The World Bank Group has had a long and productive partnership with Albania, and we look forward to continuing our support to help Albania to maintain its strong track record of growth, sound economic management and poverty reduction.”

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