Albania will issue ¤300 million ($430 million) in Eurobonds to pay a loan it received to cover this year's budget deficit, AP quoted the Finance Ministry as saying today. Bond maturity will be three to five years, the ministry said in a statement inviting banking and investment institutions to consider the offer. It said earnings from the Eurobonds would be used to refinance and prepay a syndicate loan it had signed last year to fund the budget deficit and the construction of a new highway to neighboring Kosovo. Albania's 2010 budget deficit is projected at 3.9 percent of gross domestic product.
