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EBRD supports privatisation of Tirana Hotel
The EBRD welcomes the announcement by the Council of Ministers of Albania to privatise Tirana International Hotel through the sale of its assets at a public auction.
The EBRD and the Albanian government agreed on a plan to privatise the hotel in 2001. Through technical assistance funds secured by the Bank, with a contribution from the Albanian Government, an independent international privatisation adviser, PriceWaterhouseCoopers, was engaged under competitive and transparent selection procedures to advise the Ministry of Economy. The advisor’s valuation of DV-Albturist Hoteliers ShpK (DV-Alba), owner of Tirana International Hotel and its main assets, helped the Government determine the most appropriate method of privatisation and establish transparent auction procedures for the sale of assets to ensure the highest possible price.
Guilio Moreno, head of the EBRD office in Albania, said the EBRD welcomes the government’s decision and appreciates the close cooperation between the EBRD, the Ministry of Economy and the privatisation advisor. Transparent procedures were followed in all steps, he said. Moreover, continued close cooperation should ensure that the auction process is conducted fairly and openly, according to best international practice.
The Bank acquired a minority stake in the Tirana International Hotel in 1993, worth €831,000, and extended DV-Alba a €10 million loan to help upgrade and refurbish the hotel.
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