An agreement for an $8 million loan was signed here today between the OPEC Fund for International Development and the Fushe Kruja Cement Factory in Albania, which plans on expanding and modernizing its production plant. According to a Fund press release, Albania is in the process of reviving its infrastructure, and the government has embarked upon a major road rehabilitation and reconstruction program.
"The country is also experiencing a residential housing boom. As a result, the Albanian market for cement more than doubled to 1.53Mta between the years 1996 and 2003, and it is projected that cement consumption will exceed 2Mt annually by 2010." It said the present project - one of the largest private sector investments in the country - will enable the Fushe Kruja Cement Factory to substantially increase its production capacity. This will, in turn, reduce Albania’s reliance on imported cement products, hence delivering much-needed relief to the country’s balance of payments.