Friday, March 6, 2009

Albania borrows €250M from banks to fund deficit

The Associated Press
Albania's Finance Ministry said Thursday it would borrow €250 million ($313.6 million) from Deutsche Bank and Greece's Alpha Bank to fund its budget deficit. The two banks were selected after an international tender with seven bidders, the ministry said in a statement.

It gave no details for the loan, which is expected to fund the budget deficit and the construction of a new highway to neighboring Kosovo. Albania's 2009 budget deficit is projected at 4.2 percent of gross domestic product.
Last year, the government also took a €230 million loan to cover its budget deficit

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