World Bank makes 266-million-euro loan to guarantee Albania's borrowing, improve roads

The World Bank has lent 266 million euros ($289.6 million) to Albania for its public finances and investment in road maintenance.

A statement from the bank Saturday said that 200 million euros would be used as guarantor for Albania to pay back a previous 300-million-euro international loan and also secure money for the country's budget.

The other 66 million euros will be spent on road network maintenance, which has been systematically underfunded.

Albania's government is suffering from a rapidly rising public debt that has reached 70 percent, up from 60 percent in 2012.

Last year, the bank gave Albania another budget support loan of $220 million and $150 million for its energy sector.