(ANSA-AFP) - TIRANA, 27 LUG - Albania's parliament on Monday approved a $302-million loan from Washington to upgrade its military, the latest Balkan nation to ratchet up defence spending. The move comes weeks after Albania, a NATO member, announced an increase to its defence budget to 69.2 billion lek ($840 million) in 2026, almost triple its military spend six years earlier. The move was labelled a "historic agreement" by the government, but opposition MPs boycotted the vote over allegations that the deal was rushed through without transparency. "The loan provides for investments in defence, particularly as part of Albania's commitment to NATO," leader of the ruling Socialist Party's parliamentary group Taulant Balla told the chamber. Balla said Albania will have four years to pick projects to fund, and must repay the loan within 12 years, with the possibility of a one-year deferral. The agreement passed with 74 votes in favour in the 140 seat parliament despite the boycott from opposition lawmakers. "We support the agreement, but we cannot accept that the constitution be violated, especially since we only received the proposal from the Socialist Party this morning," Democratic Party MP Belind Kellici told AFP. The final release of the funds will need US approval once projects are decided. Balla said the "funding will be dedicated exclusively to modernising" the military, including military equipment, "in line with NATO's highest standards", but provided no further detail. As a member of the alliance, Albania has publicly committed to the new target for members to spend five percent of GDP on defence and security by 2035. (ANSA-AFP).