The United States has ratified a formal agreement for a $302 million loan under the Foreign Military Financing program, aimed at strengthening Albania's defense capabilities and deepening strategic security cooperation between the two NATO allies, ATA reports, BTA reported.
"Today, the United States is proud to announce the ratification and signing of a new $302 million loan under the Foreign Military Financing program, which will support Albania's progress toward meeting the Hague defense commitment of spending 5 percent of GDP on defense by 2035," the US State Department said in a statement.
The loan will also help modernize the armed forces of Albania, by supporting the acquisition of key capabilities of American origin, will strengthen Europe's ability to rely on its own defense, the agency noted.
"As a NATO ally, Albania has always closely adhered to the US position on key foreign policy issues, including as a founding member of President Trump's Peace Council", the official statement also noted.
Albanian Defense Minister Ermal Nufi welcomed the ratification, describing it as "a strategic vote of confidence by the US in Albania and a historic step in the modernization of the country's defense".
"Thank the United States for its strong strategic partnership and continued support for building a stronger defense for Albania, the region and beyond," he said in a statement.
"This support will accelerate the modernization of our military capabilities, enhance operational readiness and strengthen Albania's contribution to the collective security of the alliance", the minister stressed.
The agreement was promulgated by Albanian President Bajram Begaj on July 30, who also approved its immediate entry into force.