TIRANA, Jan. 23 (Xinhua) -- The Albanian government and the European Union are to co-finance the largest funding program to support Albania's agricultural and rural development, spending up to a combined 94 million euros (115.1 mln U.S. dollars), Albanian Agriculture Minister Niko Peleshi announced Tuesday at a press conference.
The funding is allocated in the framework of the EU's rural development component of the Instrument for Pre-Accession Assistance, the minister said.
"Under this program, the European Union will provide 71 million euros while the Albanian government will provide 23 million euros. This is good news as this program will provide direct support to farmers and the country's whole rural sector," Peleshi told reporters.
He added that the funding was a result of the successful works and standards achieved by the Agriculture and Rural Development Agency, which will be tasked with implementing the program.
Peleshi told reporters here that the program would provide funding for the agriculture's three main sectors -- agriculture, farmers and development of villages -- in the entire territory of Albania.
A total of 31.4 million euros will be allocated to support investment projects by farmers, 26.5 million euros to support young entrepreneurs in rural sector and the rest will be used to diversify farms, support agro-processing, natural and rural tourism and livestock incubators, the minister stated. (1 euro = 1.23 U.S. dollars)
