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27 January 2004 - Albania plans to start the construction of a new power plant after securing a credit of $100m from three international financial institutions, the government said Monday. The fossil fuel plant should be finished by mid 2005.

Deals negotiated over the weekend foresee a World Bank credit of $25m, with the European Investment Bank and the European Bank for Reconstruction and Development each giving each $37.5m. No credit terms were made available.

The Albanian Electro-Energetical Corporation plans to invest $12m more for the first stage of the project.

Power has been frequently cut throughout the country over the three years because of lack of rain for hydroelectric stations, which provide the bulk of energy output. Poor management, an outdated distribution system and outstanding consumer bills have aggravated the problem.

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