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.