The World Bank announced Friday that it had approved a loan of 10 million U.S dollars to Albania to boost the country's economic growth.

The 20-year loan, with a grace period of 10 years, aims to improve the investment climate for the private sector and make improvements in the health, social insurance and water sectors, as well as public financial management, the bank said in a statement.

Albania, one of the poorest countries in Europe, has limited funds to invest in these sectors.

Albania has received funds of about 925 million U.S. dollars on more than 60 projects from the World Bank since it joined the international organization in 1991.

Source: Xinhuarcent a year, according to the agreement.

The repayment period will be 30 years for the general projects and 15 years for other projects in the loan.

Source: Xinhua