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Korca

The Bazaar of Korca is an ensemble of trade, craft, and residential buildings with urban-architectural and artistic values that dates back to the 19th century. The collection of buildings is a testimony to the existence of craftsmen and tradesmen who at that time had a deep influence on the economic and social life of the country. The AADF has partnered with the Government of Albania, Municipality of Korca and the local business community to revitalize the Bazaar of Korca. The bazaar will become one of the main tourist attractions in Korca. It is expected that AADF restauration portion will be completed by October 2015. The AADF will also support businesses operating in the area with businesses advisory services as well as small grants in order to improve their efficiency and make the best use of the new opportunities which will be created. A businesses association will be created in partnership with the Municipality of Korca which will oversee the daily management of the area.

Latest Updates View All Project News

  • 01.13.2017

    Breathing new life at Korça Old Bazaar

    Breathing new life at Korça Old Bazaar

    Top brands from Tirana and Korca are expanding their business in Korca Old Bazaar. Restaurants, coffee shops and bars, hotels, retail brands, started operating from the end of December 2016 in Korca Old Bazaar. The Korca Old Bazaar Revitalization Grant Program, co-financed from the AADF and the Ministry of Economic Development, Tourism, Trade and Entrepreneurship, incentivized more than 20 businesses to start investing in the Bazaar. Such incentive follows the infrastructure restoration of Korca Old Bazaar, co-financed from the AADF and the Albanian Government. The investment in infrastructure was more than 4 million $.

    Detailed description

  • 07.06.2016

    Memorandum of Understanding Signed for the Old Bazaar of Korca

    Memorandum of Understanding Signed for the Old Bazaar of Korca

    Mr. Aleksander Sarapuli and Mr. Martin Mata, Co-CEOs of the Albanian-American Development Foundation and Mrs. Milva Ikonomi, Minister of Economic Development, Tourism, Trade and Entrepreneurship, signed the Memorandum of Understanding for the revitalization of the Old Korça Bazaar. A Grant Program was established which will apply to SMEs in this area and aims to attract strategic businesses for the development of the area. Goals of the program include extending services for visitors, increasing capacity for trade, and creating an attractive and developed area in the city of Korça which preserves the traditional and cultural elements of the bazaar. The financial contribution of AADF and the Ministry is 29,000,000 ALL each, and this fund will be implemented by the Albanian Investment Development Agency and Crimson Finance Fund Albania (CFFA). AADF is also supporting the establishment of the TID Korça Association, the development of the Management Plan for the area and the installation of a security camera system.
    Detailed description

     

  • 10.03.2015

    Inauguration of the Renovation of the Old Korca Bazaar TID

    Inauguration of the Renovation of the Old Korca Bazaar TID

    The inauguration ceremony celebrating the completion of construction work at the Korca Bazaar was attended by Deputy Prime Minister, Mr. Niko Peleshi; Minister of Culture, Ms. Mirela Kumbaro; Mayor of Korca, Mr. Sotiraq Filo, AADF Board of Trustees and the AADF Executive Management and Staff. The Old Korca Bazaar is an Albanian heritage site going back to the Ottoman era. The AADF has committed $1.9 million to the project and the Government of Albania has committed another $3 million. The Korca Bazaar TID will complement the AADF-implemented Korca BID. Eight building blocks have been rehabilitated in the TID zone. All shop owners returning to the area will receive grants from the AADF in order to improve and strengthen their businesses.

    Korca Mayor, Mr. Sotiraq Filo honored the AADF Board of Trustees with the “Citizen of Honor” Award for their commitment towards the economic development of the city.

  • 04.12.2015

    Groundbreaking Ceremony for Restoration of Korça Bazaar

    Groundbreaking Ceremony for Restoration of Korça Bazaar

    The AADF, the Ministry of Culture, the Ministry of Urban Development and the Municipality of Korca are teaming up to rehabilitate Korca’s Historical Bazaar.  Deputy Prime Minister Niko Peleshi, Korca Mayor Sotiraq Filo and AADF Chairman Michael Granoff inaugurated the start of construction work in the area. The AADF is now in its third year of supporting urban and tourism-based entrepreneurship programs and has committed $3 million to the development of the city center of Korca.  AADF Chairman was presented with the “Honorary Citizenship Award” by Mayor Filo.

  • 02.10.2015

    TID Korca Launch Event

    What are TIDs?
    A Tourism Improvement District (TID) is similar to a Business Improvement District focusing in cities with tourism potential. Under the Entrepreneurship program the AADF has supported the creation of three BID/TID areas in the city of Korca, Shkodra, Berat and Kruja. Whereas in October 2014 the Albanian-American Development Foundation (AADF) Board of Trustees approved the TID project for the Old Bazaar in Korca.

    Advantages
    •    Increase in property values
    •    Better maintained and cleaner neighborhoods.
    •    Increase in business revenue due to the improved image of the district
    •    Improved visitor experience in the area
    •    The district becomes more attractive through joint marketing and events.

    Acknowledgments
    AADF Co-CEO Aleksander Sarapuli and Martin Mata / Minister of Culture Mrs Mirela Kumbaro / Minister for Urban Development Mrs. Eglantina Gjermeni / Mayor of Korca, Mr. Sotiraq Filo

    Korca Project Activities and Plans
    Key data on the Project in TID Korca:
    •    The AADF has currently committed $7 million in improving the city centers in Korca, Shkoder, Berat and Kruja.
    •    Korca is one of the most important cities in Albania. .
    •    The overall AADF budget for the Korca Bazaar is $1.9 million, whereas the Government of Albania has allocated $3 million for additional works in area.
    •    This project includes the design and restoration of 7 blocks of building in the heart of the Old Bazaar of Korca such as roofs, facades, lighting and signage.
    •    The AADF will provide a management plan for the area as well as provide business advisory services and business grants to businesses operating in the area.
    •    A TID association will be created by the AADF, Ministry of Culture, Municipality of Korca and business/owners representatives from the Bazaar. Its objective will be to promote as well as managing the TID area.
    •    The old Bazaar is one of the most distinguished historical sites in Albania.
    •    Promotional activities will also be carried out for locally produced food and other goods in and around the city.
    •    This is the second intervention from AADF in the city of Korca following the success of the reconstruction of the pedestrian area and creation of the BID Association in Boulevard Shen Gjergji with a total AADF investment of $1.1 million.

    The AADF intervention phase for the restauration of 7 blocks of buildings is expected to start in April 2015 and complete in December 2015.

  • 01.21.2015

    Korça Old Bazaar Restoration Design

    Korça Old Bazaar Restoration Design

    A view from the restoration project design of 7 blocks in the Korça Old Bazaar. This project design was financed by the AADF and prepared by the architectonic studio Consulting & Management Albania. The implementation will start soon and will be financed by AADF.