KORCA, MARCH 31ST, 2010     In a signing ceremony attended by the Mayor of Korca, Niko Peleshi; USAID Mission Director, Joseph Williams, and the Regional Director of ProCredit Bank, Ada Përmeti, the City of Korca signed the second commercial loan to a local government unit in Albania.

This commercial loan was made possible with the assistance of the USAID Local Governance Program in Albania (LGPA) and USAID’s Development Credit Authority, as part of the technical assistance for local economic development and supporting the implementation of the local borrowing law.

The purpose of the loan is to finance the reconstruction of Korca’s main city square, the completion of ongoing infrastructure improvements on the “Republica” Boulevard, and reconstruction of the intersection at the Fan Noli road.  The total amount borrowed is 100 million Lek; with an interest rate on a 12-month Treasury Bill rate plus 0.5%. 

During his two-day trip in the region, the USAID Director also launched new computerized tax systems in Korca and Pogradec and participated in a regional roundtable on the new Territorial Planning Law.  All are projects developed through USAID’s Local Governance Program in Albania (LGPA) that works with ten municipalities to foster local economic growth, improve local governance, and strengthen civic and private sector engagement in local development.  LGPA’s partner municipalities are: Elbasan, Fier, Fushe-Kruje, Gramsh, Korçe, Kukes, Lezhe, Librazhd, Pogradec and Shkoder.