The European Bank for Reconstruction and Development (EBRD) has granted a loan of €50m to CEZ Shperndarje to modernise and expand the low and medium voltage distribution network in Albania.

CEZ will also receive an additional loan of €50m from International Finance Corporation, which will help in more efficient use of existing energy resources and increase the quality of electricity supply across Albania’s national grid.

The modernisation work also includes the commissioning of new modern meters and implementation of a new billing system to raise its revenue collection rates.

The company plans to use the funds to refinance its debts and optimise cash-flow.

The work is expected to be completed by 2014, improving the reliability and reducing the power losses in the network.