Tirana, November 25, 2011 NOA/R.Bulku - The largest shopping centre in Albania – Tirana East Gate, built with the support of the EBRD funding, was inaugurated today in the presence of the Albanian Prime Minister, Sali Berisha. Fabio Serri, Head of the EBRD Office in Tirana attended the ceremony to mark the opening of the new shopping mall.
Developed by a leading real estate developer in Albania, Balfin Group, Tirana East Gate will address the high demand for modern shopping centres, generate greater competition and promote high-quality standards in the Albanian retail sector.
Conveniently located 5 kilometres south-east of the Albanian capital, in Lundër, Farka county, the new family-oriented shopping and entertainment centre will also contribute to the modernisation of Tirana’s suburban area.
The EBRD financed the construction of Tirana East Gate with a €10 million senior loan and a mezzanine loan of €7 million in 2009, at a time when the availability of long-term financing was and remains limited. German bank DEG also provided a €10 million senior loan.
“The EBRD is pleased to be a part of this project. Tirana East Gate will become a new landmark for local residents and city visitors and will underpin further development of the Albanian capital, ” said Fabio Serri, Head of the EBRD Tirana Resident Office.
“The Balfin Group is delighted and honoured that financial support has been secured from the EBRD together with DEG. The Banks confidence in committing substantial finance confirms the unique opportunity that TEG presents in a dramatically undersupplied market. The new state of the art Shopping Mall will become a symbol of prosperity and a new landmark which will forge the way for future internal and overseas investment and promote confidence in the economic future and prosperity of the newly emerging Albania”, - said Samir Mane President of Balfin.
Since the beginning of its operations in Albania the EBRD has committed €665 million in various sectors of the country’s economy, mobilising additional investments of more than €1. 3 billion.
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