A Kuwait Government's Grant Agreement was signed today in Tirana between the Republic of Albania and Kuwait Fund for Arab Economic Development whereby the Fund will administer the Project's Grant of Euro five million five hundred thousand (€5,500,000/-) to help finance the Rehabilitation of Skenderbej Square Project – Phase II.

The Grant Agreement was signed on behalf of the Municipality of Tirana by H.E. Edi Rama, Mayor of Tirana and on behalf of the Fund by Mr. Hesham Al-Waqayan, Deputy Director General of the Kuwait Fund for Arab Economic Development.  

The Project is composed of the rehabilitation works of Skenderbej Square covering an approximate area of 80,000 sq. meters in the center of Tirana. These works are mainly drainage works, irrigation systems, various networks, procurements and laying of approximately 26,000 sq. meters of stone surfacing, about 40,000 sq. meters of greeneries, provision of fountains and ancillary works and urban furniture. Detailed designs and construction supervision of the works. The Project also include preliminary designs of the restoration of Et'hembej Mosque and the implementation of an International Competition for the selection of a renowned architect to design an "Islamic Center" (a mosque and an educational complex) and a "Museum of Religious Harmony" to be constructed on a plot of land situated in the Central part of Tirana. The Project is expected to be completed by the middle of 2013.

The Fund previously provided to the Republic of Albania six Loans amounting to about 21.57 million Kuwaiti Dinars (equivalent to about 75.5 million U.S. dollars) for financing projects in various sectors.