The Development Bank of the Council of Europe allocates 42 million euros to mitigate the effects of the pandemic in Albania

The Council of Europe Development Bank (CEB) has announced today that it has committed almost 42 million dollars to the Government of Albania, part of the overall loan of 60 million euros of CEB to mitigate the effects of the COVID-19 pandemic in the country.

The loan will partially finance the government's extraordinary expenses caused by the measures for the COVID-19, the CEB said in a press release.

The costs include the cost of supplemental medical and pharmaceutical supplies, specialized equipment needed for COVID-19 patients, hardship and overtime pay for medical and non-medical staff, employment of additional medical staff, and vaccines.

"We continue to provide timely and flexible support to our member states in times of crisis," said CEB Governor Carlo Monticelli.

"And as we do so, we are determined to apply a strong focus on inclusive recovery for the most vulnerable," Monticelli added.

The negative effect of the pandemic on Albania's economy worsened the already difficult situation as a result of the devastating earthquake of November 26, 2019, significantly reducing the growth of the country's gross domestic product.

Since the beginning of the pandemic, the Albanian government has allocated 91 million euros for extraordinary expenses for health and social services related to COVID-19.

"We greatly appreciate CEB's contribution over the years and decades to enable a better life for the Albanian people, a better education, an improved health system, advanced infrastructure and increased housing opportunities," he said. Minister of Finance and Economy, Delina Ibrahimaj.

"We feel especially grateful for the latest support as it essentially means an increase in our power to protect human life," added Ibrahimaj.

In 2020, the pandemic created a budget gap of 570 million euros in Albania, while the projected budget gap for 2021 was estimated at 580 million euros.

Beneficiaries of the loan will be 2.8 million inhabitants of Albania, especially those over 65 years old and people with chronic diseases, such as diabetes, who are more at risk from the virus, CEB said. /Telegraph/