TIRANA, Sept 4 /ATA/ – Albanian government has approved a significant funding to support its plans to revive the country’s defence industry.
Government has endorsed a normative act injecting a fund of 440 million lek to support the first phase of the project aimed at revitalizing the dormant defence industry, which also includes establishment of a state-owned company dedicated to the production and trade of weapons, ammunition, equipment and military technologies.
The Ministry of Defence announced Wednesday that a fund of 290 million lek has been approved to settle the outstanding liabilities incurred by defence industry facilities over the years.
The government has also allocated 150 million lek to support establishment of the first weapon manufacturing and military services company KAYO Sh.a that will lead the defence industry modernization process and revival of the production capacities at three defence industry facilities in Poliçan, Gramsh and Mjekës.
The Albanian government has prepared the “Made in Albania” Arms Production Law, which regulates the industry for the production, research and development of weapons, ammunition, equipment and military technologies, as well as their trade.
The government aims to revive its dormant weapon production plants from the communist era by partnering with foreign investors through public-private ventures.
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