IBRD Loan: US$5 Million
TERMS: Maturity = 25 years; Grace period = 10 years
PROJECT DESCRIPTION: This additional financing will complement the original credit of US $10 million and will be used for scaling-up current project activities related to the administrative reform of the Albanian pension system. This additional financing is targeted at making improvements in the efficiency and effectiveness of the Albanian pension system by improving pension system administration, supporting institutional strengthening, including improved capacity for pension policy development and improving public understanding of the pension system. To date, the original credit has supported service delivery in 43 daily care centers, offering services under newly developed service standards and policies to more than 25,000 beneficiaries from vulnerable groups. In addition, 13 residential care centers were supported to improve service delivery. Finally, the credit established the legal and strategic framework in the social care area and strengthened capacity at central and local government levels.