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The financial instruments devised by the Albanian government never cease to amaze. The latest in a series is a scheme with the Arabs, which places heavy debt on the shoulders of Albanian citizens.
This Tuesday, the government sent to Parliament for approval the draft law for the ratification of a $118 million loan that Albania will receive from the Abu Dhabi Fund. The debt, with a repayment period of 15 years and an interest rate of 4 percent per year, is being taken to go back to Abu Dhabi.
Because the $118 million will go to pay a company from Abu Dhabi, which will carry out the traffic monitoring project with cameras in 20 cities in the country. The $118 million contract will be awarded without a tender and without any kind of competition, but by direct agreement.
So, to put it simply. The Albanian government will borrow 118 million dollars from the Arabs to pay back to the Arabs, while the Albanian citizens will be left with the burden of repaying the debt. These are the innovative financial instruments that the prime minister invents from his pilgrimages to the Arab world, when he visits the sultans of the East.
In Albania, this scheme was only carried out by microcredit fraudsters. They gave citizens loans, but only on paper. Because the money owed was immediately transferred back to the microcredit company's account. From this whole operation, the victim citizens did not touch a single lek, but there was only one effect. The debt they had to repay increased.
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But as the loan agreement is being passed into law in Parliament, the procedure that will take the contract to the Arabs has been entrusted to Interior Minister Ervin Hoxha.
A week ago, the Minister of Interior announced that he signed with Sultan Al Jaber, the Letter of Commitment for the innovative project "Smart City - Intelligent City", between the Ministry of Interior and "Presight Al Ltd". The Sultan is the General Director of the company Presight AI. The company Presight AI is the one that will implement the contract. /Kapitali
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