IFC will provide financial additionality through long-term financing and mobilization, enabling investments with extended development. Non-financial additionality will include support for the enhancement of environmental and social standards. IFC has provided advisory support to Balfin on EDGE Advanced certification, promoting resource-efficient building design and helping establish a benchmark for sustainable tourism development in Albania.

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability.

Potential E&S risks associated with the TEG Expansion Project include: (i) labor and working conditions for direct and third-party workers, including grievance management, gender-based violence and harassment (GBVH) prevention; (ii) occupational and community health, safety and security, including OHS, traffic management, and construction- and operations-related impacts; (iii) pollution prevention and resource efficiency, including water quality and waste management; (iv) Life and Fire Safety (L&FS) and emergency preparedness and response; (v) tenant and security management; and (vi) stakeholder engagement and community consultation.

Future phases of the investment, including the proposed hotel project in the city of Vlora, may involve land acquisition, biodiversity, and potential legacy contamination risks associated with the redevelopment of a former port area within a marine Key Biodiversity Area (KBA), and will be subject to separate E&S appraisals and disclosures.