Kosovo and World Bank Sign Loan Agreements for Two Job-Creation Projects

Stocks and Financial Services Press Releases Thursday August 3, 2017 09:10
PRISTINA--3 Aug--World Bank

PRISTINA, August 2, 2017 — Today the Minister of Finance of the Republic of Kosovo, Avdullah Hoti, and the World Bank Country Manager for Kosovo, Marco Mantovanelli, signed financing agreements for the implementation of two new projects, worth approximately €34.3 million, that aim to accelerate private sector growth and job creation in Kosovo.

The first agreement is for the €14.3 million Competitiveness and Export Readiness Project, which will help both firms and consumers in Kosovo by supporting product certification for export markets - such as the European Union – as well as strengthening the capacity of export-oriented firms and reducing the cost of business inspections.

The second agreement is a €20.80 million loan for the Additional Financing for the Agriculture and Rural Development Project, which will boost rural incomes in Kosovo through investments in the country's agriculture sector - particularly horticulture and livestock. The loan builds on earlier investments that helped more than 700 beneficiaries receive grants to build greenhouses, barns and cow sheds, plant orchards, buy farm equipment, and make other investments.

In his statement at the signing ceremony, World Bank Country Manager for Kosovo Marco Mantovanelli highlighted the contribution of the new projects in making Kosovo's growth more reliant on higher productivity at home and greater competitiveness abroad.

"The financing for these projects is part of the World Bank Group's strategy that aims to assist Kosovo in moving toward more sustainable, export-oriented, and inclusive growth, so its citizens are provided more opportunities for a better life," Mantovanelli said.

The two loans are provided by the International Development Association (IDA) of the World Bank Group. Kosovo is still a beneficiary of concessional IDA financing, which is provided on concessional terms with zero or very low interest charged and long repayment periods. These two loans have a maturity of 25 years, including a 5-year grace period. For the projects to become effective, the two financing agreements will also need to be ratified by the Parliament of Kosovo.

Latest Press Release

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics