Business: Albania to focus on new roads

15/10/2010

The Berisha administration allocates capital investments for 2011. Also in business news: Austrian energy giant OMV is building a new gas-fuelled power plant in Turkey, and the World Bank will assist Croatia.
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Prime Minister Sali Berisha has promised nearly 2,000km of new roads. [Reuters]

The Albanian government announced on Wednesday (October 13th) that a large share of capital investments planned for 2011 will be spent on building new roads. Prime Minister Sali Berisha promised a fast connection between Tirana and about 90 municipalities across the country -- which would mean the construction of 2,000km of new roads.

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Foreign direct investments (FDI) in Romania dropped by 35.9% in the first eight months of 2010 compared to the same period a year ago, the Central Bank announced on Wednesday (October 13th). Between January and August, FDI in Romania amounted to 1.955 billion euros, down from 3.054 billion euros in the same period in 2009.

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Kosovo's tax administration hit a new record in the first nine months of 2010 by collecting 159m euros -- an increase of 14% compared to the same period last year. The administration announced on Tuesday (October 12th) that the success is mainly due to measures taken after the country announced its independence in 2008.

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Peter Harrold, World Bank director for Central Europe and the Baltic countries, told HINA news agency on Monday (October 11th) that the Bank is ready to offer financial support to Croatia and provide technical and expert assistance. Help from the institution would be conditional on the government implementing its economic recovery programme, which was presented in April.

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Serbian oil and gas company NIS launched a reconstruction of its refinery near the town of Pancevo, which is estimated to cost 18.5m euros. The work will last 45 days, during which the facility will be shut down. NIS has built up supplies in its refinery in Novi Sad, which should be sufficient to satisfy domestic demand until the Pancevo refinery becomes operational.

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The World Bank and IMF have pledged 600m euros to support Macedonia's economy over the next four years, Finance Minister Zoran Stavreski said on Monday (October 11th). The minister, who attended the annual meeting of the two financial institutions in Washington, also announced that the IMF has offered the country an open credit line, which is a new instrument aimed at assisting countries with healthy economic policy to cope with the financial crisis.

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The Austrian energy giant OMV has launched the construction of a new gas-fuelled power plant in Turkey's northern province of Samsun. Worth 600m euros, the plant is expected to be completed in 2012. It will have an installed capacity of 870MW and will be able to meet 3% of domestic electricity consumption.

(Various sources -- 08/10/10-15/10/10)

This content was commissioned for SETimes.com.
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