The European Investment Bank agreed to lend $15.7 million (€12.5 million) to the Republic of Albania to support the country’s education system during the first phase of its new system from 2007-2010.

The EIB said that the finances will sponsor Albania’s National Education Strategy developed for the period between 2004 and 2015. The funding will be used to improve the learning conditions, increase student enrollment in secondary education, and developing a better administrative system.

The European Union's financing institution said it would provide the funds along with the support from the Council of Europe Development Bank and the World Bank. The additional funds will be provided by the Albanian Government and other bilateral donors, the EIB said in a statement.

According to the EIB, it has already given Albania more than $288 million (€230million) since 1995.