Press Releases

U.S. and Albania Sign Final Credit Agreement on Air Traffic Control (June 29, 2005)

At a ceremony today, the U.S. Export-Import Bank signed a final "Credit Agreement" to provide a loan guarantee to the Albanian National Air Traffic Agency in relation to its USD 47 million project to modernize its air traffic control capabilities. Today’s signing represents the culmination of four years of international and domestic effort to improve a key component of Albania’s infrastructure.

The project began in 2001 with a USD 209,000 grant from the U.S. Trade Development Agency to conduct a feasibility study. Based on this study, U.S. company Lockheed Martin developed a plan to improve Albania’s capacity to permit more air traffic to Mother Tereza airport and for more overflights of the country.

The project, which is well underway, will improve and modernize Albania’s air traffic control system, link it with the rest of Europe, and make it as good as systems throughout Europe. Lockheed Martin is the principle contractor, but wide variety of European and Albanian businesses and institutions are also involved, making it a good example of international cooperation to develop infrastructure here. For example, Eurocontrol (EU), BNP Paribas (France), National Air Traffic Services (U.K.), and local banks and construction firms are participating in this project.

Fee revenues from airlines flying over Albania will be used to finance the entire cost of the project. The Government of Albania will not need to use any of its general revenues to finance the project and will not have to provide a sovereign guarantee.