Giorgi Alfo Sh.p.k.
In its first project in Albania, MIGA issued a guarantee for $1.6 million to Ge.Por.Tur. s.a.s. of Italy (Ge.Por.Tur.) for its equity investment in Giorgi Alfo Sh.p.k. Ge.Por.Tur will design, construct, and operate a tourist marina—including a lodge, a restaurant, a supermarket, a yachting club, and moorings for leisure boats—on the southern Albanian coast. The guarantee insures against the risk of expropriation.
The project is contributing to the World Bank and European Commission-led reconstruction efforts in the Balkans in the aftermath of the Kosovo War, which caused numerous disruptions in trade, infrastructure, and tourism in neighboring countries.
The Albanian government expects tourism to become a major source of income. The first marina on the Albanian coast will be a modest step towards this goal—it is expected to help meet increasing demand from European countries for leisure ports in the Southern Adriatic Sea. It is also expected to create permanent jobs and training for some 50 local citizens. The port is environmentally sensitive in design, as it minimizes the disturbance of landscape to maintain the beauty of the coastline.