Albania, August 10, 2022, SPA -- The Saudi Fund for Development’s CEO, Sultan Abdulrahman Al-Marshad, signed earlier today an agreement with the Albanian Minister of Finance and Economy, Delina Ibrahimaj, to finance the second phase of the construction project of the 43km Tirana – Elbasan – Qukës – Qafë Plloçë Road, with an additional development loan amounting to $49 million. This particular project aims to continue the earlier phase of the road construction project, which SFD financed with $25 million, with the aim of constructing a road connecting the Albanian capital and isolated villages with neighboring countries near the south of Albania. The signing ceremony was attended by the Deputy Ambassador of Saudi Arabia in Albania, Mr. Abdullah Al Shahri, as well as several officials in Albania. Besides connecting cities to one another, this unique project will improve road safety and quality as well as facilitate trade and economic ties with other countries. Additionally, the project will benefit over 600,000 people, meet the populations’ needs, ease the hardship on the transport sector, and reduce road traffic accidents and mortality rates. During the signing ceremony, Al-Marshad stated, "This project will positively impact the social and economic development of Albania. Additionally, it will help support the infrastructure, and provide opportunities for Albanian people to meet their daily needs. The project will also connect cities and villages with the neighboring countries.” SFD’s CEO also praised the efforts made by the two countries to achieve the Sustainable Development Goals, and hoped that this road project would serve as a development pillar assisting other sectors in Albania in reaching growth and prosperity. The Albanian Minister of Finance and Economy, Delina Ibrahimaj, praised the significant role of the Kingdom of Saudi Arabia in supporting development projects and improving the infrastructure in Albania. Ibrahimaj pointed out that these projects are of great importance to the lives of many beneficiaries, as they improve the social and economic conditions of Albanians. This project constitutes as an aspect of the support that the Government of the Kingdom of Saudi Arabia provides for the development of the Republic of Albania through development projects and programs financed by the Saudi Fund for Development; as SFD has provided, over the past years, (4) development loans to finance (3) development projects with a value of more than (114.5 million US dollars), to contribute to the growth and prosperity of the infrastructure sectors to achieve sustainable development goals. -- SPA 20:30 LOCAL TIME 17:30 GMT 0023 www.spa.gov.sa/w1771871