The European Investment Bank (EIB) has approved an €18m loan for the construction of the motorway bypass in Vlora, Albania.

The project comprises the building of a 29km-long motorway, which will bypass the city on the southern coast of the country and provide a sustainable transport system in the area.

"Our commitment to this project is the best signal that the Bank of the European Union strongly supports Albania on its path towards the EU."

It is expected to save time to commuters, reduce accidents and local pollution costs in Vlora’s surrounding areas and prove an alternative traffic route towards Tirana.

The bypass also will also have the capacity to support tourism, boost private sector, facilitate trade, regional and national growth, as well as contribute to economic and social cohesion.

EIB vice-president Dario Scannapieco said infrastructure is essential to the modernisation process of Albania and the Vlora bypass represents a fundamental connection to Pan-European Corridor VIII.

"Our commitment to this project is the best signal that the Bank of the European Union, in close cooperation with the European Commission and other financiers, strongly supports the country on its path towards the EU," Scannapieco said.