The government’s strategic investment committee (CIS) in late December approved the proposal by Jared Kushner’s Atlantic Incubation Partners LLC firm, according to the document posted online.

The company plans to invest around €1.4 billion to build a complex of villas and hotels on Sazan, which once hosted a Cold War era base, according to CIS.

Its “strategic” status will enable the project “to benefit from accelerated procedures and other benefits”.

The move came as Trump was set to take office on Monday.

The Trump family has a long history of embarking on luxury projects around the world.

In the Balkans, Kushner last year announced plans to invest in real estate in nearby Serbia.

Some critics have accused Kushner and his wife Ivanka Trump of leveraging their time in the White House to secure overseas business deals.

The Albanian government has long sought to bolster its economy through tourism, prompting a building boom along large swaths of the country’s coastline.

Sazan has been used solely as a military base in the past.

But a decree signed in December by President Bajram Begaj removed it from the list of sites for deployment and training by the country’s armed forces.

Kushner’s company will now have to negotiate a contract with the state-run Strategic Investment Corporation, while number of Albanian institutions – including several ministries – will be at its disposal to help transfer ownership and prepare documentation.