The approval was received after a process of meticulous evaluation of the financial health of Tirana East Gate, and its environmental and social sustainability contribution. BALFIN Group too, went through rigorous due diligence before the decision was made. The loan will be used to refinance new investments in the shopping mall for its extension and refurbishment, and the production of green energy via solar panels. This investment also supports the tourism sector, as some of the targeted second-tier cities are among Albania’s tourism destinations with huge untapped potential.
The official signing of the agreement took place on December 2nd in the premises of TEG. It was attended by BALFIN Group’s CEO, Edlira Muka, and Retail Vice President, Julian Mane, IFC’s Regional Director for Europe, Rana Karadsheh, co-CEOs of Albanian-American Development Fund, Aleksandër Sarapuli and Martin Mata, TEG shareholder Vahid Ruli, and other high representatives from BALFIN Group.
“An important milestone was signed today for the future of TEG. With the support of IFC, TEG will increase its leasing areas and will start a new chapter in its environmentally friendly actions. Solar panels will give TEG the opportunity to become partly energy-independent. Today’s agreement once again confirms that BALFIN Group is a reliable partner that implements the highest international standards and creates opportunities for businesses and communities to grow,” said Edllira Muka, CEO of BALFIN Group.
IFC’s Regional Director for Europe, Rana Karadsheh, stated that “IFC is pleased to partner with BALFIN Group and support investments in the country’s retail infrastructure, creating jobs, new services, and opportunities throughout the country. This investment also signals the confidence of IFC in Albania’s long-term perspectives for socio-economic development.”
Aleksandër Sarapuli, Co-CEO of AADF said that “TEG is helping fight informality and it also constitutes an industry standard, and for this, we must thank BALFIN Group and its President”.
Tirana East Gate, TEG, established in 2011 by BALFIN Group, is the biggest shopping mall in Albania. TEG creates the necessary inspiration for a modern lifestyle as suggested by the many well-known international brands spread across its gross leasable area of 54,000 m2. Its architecture, natural lighting, and ever-increasing solar energy make it very energy efficient, while its responsible operation practices are friendly to the environment. The International Finance Corporation considers Tirana East Gate financially healthy and environmentally friendly to back new investments for its extension and refurbishment.