The Albanian Parliament approved a $302 million defense loan from the United States
Members of the Albanian Parliament approved, under an expedited procedure, an agreement with the United States to receive a $302 million loan for the purchase of weapons and the modernization of the army.
Opposition politicians also supported funding for the defense sector but expressed dissatisfaction with the short timeframe allotted to review the document, part of which was classified.
The funds are being allocated under the U.S. Foreign Military Financing program through the U.S. Defense Security Cooperation Agency (DSCA). The funding will be directed toward the development of the air, land, and naval forces, as well as the development of cybersecurity systems, military command and control, communications, and infrastructure. The loan is provided with a 48-month drawdown period, a grace period of up to one year, and a repayment term of up to 12 years.
Source: Bloomberg.
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