{"id":93184,"date":"2026-07-01T18:48:21","date_gmt":"2026-07-01T18:48:21","guid":{"rendered":"https:\/\/zennihost.com\/test\/2026\/07\/01\/pikepyetje-mbi-financimin-e-aeroportit-te-vlores-kredia-100-milione-euro-dhe-transparenca-e-munguar-e-investitoreve\/"},"modified":"2026-07-01T18:48:21","modified_gmt":"2026-07-01T18:48:21","slug":"pikepyetje-mbi-financimin-e-aeroportit-te-vlores-kredia-100-milione-euro-dhe-transparenca-e-munguar-e-investitoreve","status":"publish","type":"post","link":"https:\/\/zennihost.com\/test\/2026\/07\/01\/pikepyetje-mbi-financimin-e-aeroportit-te-vlores-kredia-100-milione-euro-dhe-transparenca-e-munguar-e-investitoreve\/","title":{"rendered":"Pik\u00ebpyetje mbi financimin e Aeroportit t\u00eb Vlor\u00ebs: Kredia 100 milion\u00eb euro dhe transparenca e munguar e investitor\u00ebve"},"content":{"rendered":"<p><em><strong>Nga Ardit Rada<\/strong><\/em><\/p>\n<p>Financimi i Aeroportit Nd\u00ebrkomb\u00ebtar t\u00eb Vlor\u00ebs vijon t\u00eb jet\u00eb n\u00eb qend\u00ebr t\u00eb debatit publik, nd\u00ebrsa pyetjet mbi struktur\u00ebn e kredis\u00eb prej 100 milion\u00eb eurosh dhe transparenc\u00ebn e burimit t\u00eb fondeve kan\u00eb nxitur diskutime t\u00eb shumta. N\u00eb k\u00ebt\u00eb kontekst, gazetari investigative Vehbi Kajtazi ka publikuar nj\u00eb analiz\u00eb t\u00eb detajuar mbi dokumentacionin e financimit, duke ngritur nj\u00eb s\u00ebr\u00eb \u00e7\u00ebshtjesh q\u00eb, sipas tij, k\u00ebrkojn\u00eb sqarim dhe verifikim institucional, si dhe duke argumentuar se \u00e7\u00ebshtja shkon p\u00ebrtej debatit n\u00ebse aeroporti \u00ebsht\u00eb ose jo l\u00ebn\u00eb si kolateral. Sipas Kajtazit, analiza \u00ebsht\u00eb nd\u00ebrtuar mbi dokumentacion kontraktor dhe amendamente q\u00eb lidhen me marr\u00ebveshjen e financimit, si dhe mbi nj\u00eb komunikim t\u00eb zhvilluar me biznesmenin Behgjet Pacolli, i cili \u00ebsht\u00eb i p\u00ebrfshir\u00eb n\u00eb projekt.<\/p>\n<p>Delphos nuk paraqitet si bank\u00eb klasike<\/p>\n<p>N\u00eb analiz\u00eb thuhet se financimi nuk \u00ebsht\u00eb realizuar nga nj\u00eb bank\u00eb tregtare tradicionale, por p\u00ebrmes Delphos Securities SARL, q\u00eb vepron n\u00eb em\u00ebr t\u00eb \u201cCompartment Bernina\u201d, nj\u00eb struktur\u00eb sekuritizimi me baz\u00eb n\u00eb Luksemburg.<\/p>\n<p>Sipas autorit, kjo e zhvendos v\u00ebmendjen nga vet\u00eb kredidh\u00ebn\u00ebsi tek investitor\u00ebt q\u00eb kan\u00eb financuar instrumentin financiar, identiteti i t\u00eb cil\u00ebve, sipas dokumenteve publike t\u00eb shqyrtuara prej tij, nuk rezulton t\u00eb jet\u00eb b\u00ebr\u00eb publik.<\/p>\n<p>Kajtazi argumenton se mungesa e transparenc\u00ebs mbi investitor\u00ebt fillestar\u00eb dhe burimin e kapitalit p\u00ebrb\u00ebn \u00e7\u00ebshtjen kryesore q\u00eb meriton sqarim.<\/p>\n<p>R\u00ebnd\u00ebsia e amendamentit t\u00eb kontrat\u00ebs<\/p>\n<p>Nj\u00eb pjes\u00eb qendrore e analiz\u00ebs lidhet me nj\u00eb amendament t\u00eb marr\u00ebveshjes s\u00eb financimit, i cili, sipas Kajtazit, ndryshon m\u00ebnyr\u00ebn e funksionimit t\u00eb struktur\u00ebs financiare. Sipas tij, me k\u00ebt\u00eb amendament shoq\u00ebria Vlora International Airport (VIA) b\u00ebhet \u201cAdditional Borrower\u201d (bashk\u00ebhuamarr\u00ebse), nd\u00ebrsa llogarit\u00eb operative t\u00eb aeroportit p\u00ebrfshihen n\u00eb paket\u00ebn e siguris\u00eb n\u00eb favor t\u00eb kredidh\u00ebn\u00ebsit. Autori thekson se kjo nuk n\u00ebnkupton domosdoshm\u00ebrisht transferim t\u00eb pron\u00ebsis\u00eb mbi aeroportin, por mund t\u00eb krijoj\u00eb mekanizma q\u00eb i japin kreditorit kontroll t\u00eb konsideruesh\u00ebm mbi rrjedhat financiare t\u00eb projektit, ve\u00e7an\u00ebrisht n\u00eb rast t\u00eb mosshlyerjes s\u00eb detyrimeve.<\/p>\n<p>Debati zhvendoset nga kolaterali te \u201ccash flow\u201d<\/p>\n<p>N\u00eb analiz\u00eb argumentohet se debati publik nuk duhet t\u00eb fokusohet vet\u00ebm n\u00eb pyetjen n\u00ebse aeroporti \u00ebsht\u00eb l\u00ebn\u00eb si kolateral. Sipas Kajtazit, dokumentet tregojn\u00eb se elementi m\u00eb i r\u00ebnd\u00ebsish\u00ebm \u00ebsht\u00eb kontrolli mbi t\u00eb ardhurat operative t\u00eb projektit p\u00ebrmes llogarive t\u00eb dedikuara financiare. N\u00eb rast t\u00eb nj\u00eb \u201cEvent of Default\u201d, ai argumenton se kreditori mund t\u00eb ushtroj\u00eb t\u00eb drejta t\u00eb zgjeruara mbi administrimin e k\u00ebtyre t\u00eb ardhurave.<\/p>\n<p>Pik\u00ebpyetje mbi burimin e fondeve<\/p>\n<p>Analiza ndalet gjithashtu te mungesa, sipas autorit, e informacionit publik mbi:<\/p>\n<p>Kajtazi argumenton se publikimi ose verifikimi i k\u00ebtyre dokumenteve do t\u00eb ndihmonte n\u00eb rritjen e transparenc\u00ebs p\u00ebr nj\u00eb projekt q\u00eb konsiderohet aset strategjik.<\/p>\n<p>N\u00eb analiz\u00eb p\u00ebrfshihen edhe reagimet e biznesmenit Behgjet Pacolli gjat\u00eb nj\u00eb komunikimi n\u00eb WhatsApp. Sipas Kajtazit, Pacolli ka deklaruar se aeroporti nuk \u00ebsht\u00eb p\u00ebrdorur si kolateral dhe se garancia lidhet me kolateral personal. Po sipas analiz\u00ebs, i pyetur mbi investitor\u00ebt dhe burimin e fondeve, Pacolli \u00ebsht\u00eb shprehur se proceset e \u201ccompliance\u201d kryhen nga institucionet p\u00ebrkat\u00ebse dhe se nuk sheh arsye p\u00ebr t\u2019i b\u00ebr\u00eb publike k\u00ebto t\u00eb dh\u00ebna, duke i konsideruar pjes\u00eb t\u00eb dokumentacionit privat t\u00eb pal\u00ebve.<\/p>\n<p>Kajtazi shkruan se pik\u00ebrisht k\u00ebto elemente t\u00eb struktur\u00ebs s\u00eb financimit jan\u00eb objekt i interesimit t\u00eb organeve t\u00eb drejt\u00ebsis\u00eb n\u00eb Shqip\u00ebri. Autori thekson se dokumentet q\u00eb ka analizuar nuk provojn\u00eb automatikisht transferim pron\u00ebsie mbi aeroportin apo origjin\u00eb t\u00eb paligjshme t\u00eb kapitalit, por, sipas tij, ngren\u00eb pyetje legjitime mbi transparenc\u00ebn e financimit dhe identitetin e investitor\u00ebve q\u00eb q\u00ebndrojn\u00eb pas struktur\u00ebs Bernina. N\u00eb p\u00ebrfundim, Kajtazi argumenton se debati publik duhet t\u00eb p\u00ebrqendrohet jo vet\u00ebm te ekzistenca e kredis\u00eb, por edhe te m\u00ebnyra si \u00ebsht\u00eb nd\u00ebrtuar ajo, kush e ka financuar realisht dhe n\u00ebse dokumentacioni p\u00ebrkat\u00ebs mund t\u00eb verifikohet n\u00eb m\u00ebnyr\u00eb t\u00eb pavarur.<\/p>","protected":false},"excerpt":{"rendered":"<p>Nga Ardit Rada Financimi i Aeroportit Nd\u00ebrkomb\u00ebtar t\u00eb Vlor\u00ebs vijon t\u00eb jet\u00eb n\u00eb qend\u00ebr t\u00eb debatit publik, nd\u00ebrsa pyetjet mbi struktur\u00ebn e kredis\u00eb prej 100 milion\u00eb eurosh dhe transparenc\u00ebn e burimit t\u00eb fondeve kan\u00eb nxitur diskutime t\u00eb shumta. N\u00eb k\u00ebt\u00eb kontekst, gazetari investigative Vehbi Kajtazi ka publikuar nj\u00eb analiz\u00eb t\u00eb detajuar mbi dokumentacionin e financimit, [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-93184","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts\/93184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/comments?post=93184"}],"version-history":[{"count":0,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts\/93184\/revisions"}],"wp:attachment":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/media?parent=93184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/categories?post=93184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/tags?post=93184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}