Strategic Investor status approved for the Sazan Island project

2025-01-15 19:25:00, Aktualitet CNA

The Strategic Investment Committee has decided to approve the Strategic Investor Status for the investment project "Tourist Resort - Sazan Island" as an integrated tourist project of strategic importance for the country, conditional on the implementation of the tasks, the action plan provided for in this decision, as well as the finalization of the cooperation agreement between the parties, validly approved by a special law in the Assembly according to applicable legal provisions.

The status "Investment/Strategic Investor Special Procedure" is granted to the investment project "Tourist Resort - Sazan Island" for a period of 10 years.

This deadline will serve the strategic project to benefit from priority procedures and

within accelerated deadlines, in accordance with the legislation on strategic investments, as well as the completion of the tasks and action plan provided for in this decision.

Meanwhile, the agreement that will be signed, after negotiation and finalization according to legal provisions, in the further stages of the project evaluation, will provide for the necessary deadline for the full realization of the investment, the mutual commitments and obligations between the parties and the detailed support measures that this project will benefit from, according to the legislation in force.

The form of state participation in this investment will be realized through the creation of a joint legal entity composed of the Albanian Investment Corporation (AIC), Albanian Seaports Development Company sh.a (ASDC), in the capacity of the party

state, and the investment entity Atlantic Incubation Partners LLC, a company under American law.

The project proposed by the applicant entity “Atlantic Incubation Partners” LLC, a US company with identification number (EIN) 92-3329707, will be subject to a review and analysis process to assess the conditions and criteria 3 of the possibility of the Albanian state's participation in this strategic investment according to the provisions of the Council of Ministers' Decision No. 1030, dated 16.12.2015 “On the organization and form of state participation in strategic investments and the rules for the creation, operation and administration of the Real Estate Fund for Strategic Investment Support (FPPMIS)”.

The investor will implement an integrated project with elite accommodation structures, high-standard residences and services within an area of ??45 ha. The project, which will be developed on the island of Sazan, is divided into 3 development phases according to Annex 2.

Given that the area is used by the Ministry of Defense as a naval training and firing area and that the area is found to have a high pyrotechnic risk, it is necessary to create the necessary procedural and physical conditions for the realization of this investment, which consist of taking any necessary measures in order to adapt the area of ??its implementation and bring it into appropriate infrastructural and environmental conditions for the development of the proposed project.

Given that there are underground tunnels and bunkers within the area targeted for investment, an inventory of these assets needs to be carried out by the Ministry of Defense.

Given that the proposed form of the investment project requires state participation in this strategic investment, according to the provisions of the Decision of the Council of Ministers No. 1030, dated 16.12.2015 “On the organization and form of state participation in strategic investments and the rules for the establishment, functioning and administration of the Real Estate Fund for Strategic Investment Support (FPPMIS)”, this investment project is approved subject to the development and finalization of several assessment processes by the institutions involved, according to the action plan approved by this decision, and several decision-making processes in the Strategic Investment Committee and other decision-making bodies, if the parties agree and finalize a valid cooperation agreement./ CNA