Donald Trump's son-in-law receives "strategic investor" status in Albania


The Albanian government has granted strategic investor status to Jared Kushner's company for the construction of a luxury resort on the island of Sazan.
The decision was made by the Strategic Investment Committee, KIS, headed by Prime Minister Edi Rama on December 30.
According to the KIS decision, an investment of 1.4 billion euros is foreseen on the island and construction is expected to extend to 8 percent of the island or 45 hectares.
"The investment value of the tourist project "Tourist Resort - Sazan Island" meets the criteria provided for by the legislation for strategic investments and is expected to be 1.4 billion Euros," the SIC decision states.
Plans for the construction of a luxury tourist resort in Sazan and another in Zvërnec by Kushner and his associated companies were made public early last year.
The Albanian government's plans and prior approval were criticized by the opposition for being done to gain political favors in the event of Trump's re-election to the White House and for the lack of transparency and competition.
The SIC decision foresees a series of steps that will be undertaken mainly by state institutions in Albania, to assist the company in securing the property, the necessary documentation and other actions that are expected to be concluded in the next three months. The company, on the other hand, will have to sign a contract with the Strategic Investment Corporation and the Albanian Seaports Development Company sh.a, while it will have to provide water, energy and the like with its own investment.
"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 state party, and the investment entity Atlantic Incubation Partners LLC, a company under American law," the decision states.
The SIC decision indicates that the status is granted for a period of 10 years and that construction is expected to be divided into three phases.