Italy's Fincantieri and KAYO to work together on strengthening Albania's navy

KAYO, which specialises in the development of strategic industrial infrastructure and is controlled by the Albanian Defence ⁠Ministry, will hold a 49% stake in the new venture and Fincantieri will ⁠hold 51%, ⁠Fincantieri said in a statement on its website. It did not provide any financial details or say when work would ‌begin.

Italian shipbuilder Fincantieri and Albania's ​KAYO have set up a ​joint venture to build and ‌maintain vessels ​in Albania, which is seeking to modernise its military infrastructure and deepen its NATO ties. The two ‌sides signed a deal in the presence of the Albanian prime minister and defence minister, as well as the CEOs of Fincantieri and KAYO, according to ‌a government and company statement. Albania has been a member of NATO ‌since 2009 and its Mediterranean location gives it strategic importance beyond its size. For Fincantieri, it offers access to wider markets.

"This partnership paves the way to produce naval vessels ⁠in Albania, ​not only for ⁠the country’s needs but also for export to international markets," a government statement said. Based on ⁠the cooperation, Albania will become a new European base for Fincantieri to build ​small and medium-sized vessels, Defence Minister Ermal Nufi said.

The project envisages the ⁠creation of a construction site at the naval base of Pashaliman in southern Albania, ⁠where ​about 400 people are expected to be employed. KAYO, which specialises in the development of strategic industrial infrastructure and is controlled by the Albanian Defence ⁠Ministry, will hold a 49% stake in the new venture and Fincantieri will ⁠hold 51%, ⁠Fincantieri said in a statement on its website.

It did not provide any financial details or say when work would ‌begin.