LIGJET E BIZNESIT
The Albanian government has signed a Guarantee Agreement with the European Bank for Reconstruction and Development (EBRD), the aim of which is to guarantee all obligations undertaken by the Electricity Distribution Operator (OSHEE) within the framework of the Loan Agreement with the EBRD for the “OSHEE Sustainability Project.”
The agreement will secure a long-term loan on favorable terms, valued at €45.75 million, which aims to refinance existing overdraft loans, with state guarantees, taken from second-tier banks during the energy crisis in the country.
For the Albanian government, the agreement was signed by the Minister of Finance, Mr. Petrit Malaj, and the Administrator of OSHEE, Mr. Enea Karakaçi, while for the EBRD, it was signed by its Vice President, Mr. Matteo Patrone, during his visit to the country.
Minister Malaj appreciated the signing of the Agreement and the continued support that the EBRD has provided to the country over the years.
“This transaction offers significant advantages. By refinancing the current short-term loans into long-term loans from the EBRD, it enables OSHEE to return to manageable installments over a prolonged period, creating a more stable amortization profile and reducing the risk of refinancing debt in the future. Furthermore, it offers more favorable financial terms, reducing the total cost of the loan,” said Mr. Malaj.
For his part, Mr. Patrone expressed his satisfaction on behalf of the EBRD for supporting OSHEE’s modernization and sustainability goals. “By unlocking capital for green investments, we are not only strengthening the company’s infrastructure but also paving the way for a more sustainable energy future for the company and the citizens of Albania,” said Mr. Patrone.
The Administrator of OSHEE, Mr. Karakaçi, emphasized the importance of the project for OSHEE and the energy sector in Albania as a whole. “It will enable us to continue improving and modernizing the service we provide to our customers and enhance the reliability of that service, with the ultimate goal of ensuring sustainable energy at reasonable prices,” said Mr. Karakaçi.
Through the signed Agreement with the EBRD, OSHEE will strengthen its financial stability and optimize its debt structure, ensuring more cost-effective and sustainable financing sources to enable funding for important green capital expenditures in the development, management, and efficiency of the electricity distribution network in Albania.
The initiative is part of the commitment of the Albanian Government and the EBRD to support the energy sector and ensure more efficient management of financial resources, enhancing the operational sustainability of OSHEE GROUP and improving services for citizens.
