Prime Minister Edi Rama on Friday unveiled the “Urban Renaissance 2.0” program, which foresees €1.5 billion in investments aimed at transforming Albania’s urban infrastructure and public services.

One of the program’s main pillars is the modernization of public transport. Rama announced that a joint company will be established between the Albanian Development Fund and municipalities to provide them with new fleets of electric buses. The rollout will begin in municipalities with the highest number of tourists before expanding nationwide.

The program also includes the construction of underground and multi-level parking facilities in cities as part of a new phase of urban development and traffic management.

“It is unacceptable for us to aspire to become a stronger tourist destination while believing we can achieve that simply by maintaining what we already have. We will establish a joint company with the Albanian Development Fund and municipalities to supply them with a new generation of electric buses, starting with those that receive the largest number of tourists. Another key component is parking. We must enter a new phase of building both underground and above-ground parking facilities in our cities,” Rama said.

According to the Prime Minister, the program will also introduce measures to strengthen local economies and support small and medium-sized businesses through sovereign guarantees, while providing financing for companies seeking to expand their capacities and for start-ups pursuing growth.