IFC, a member of the World Bank Group, is joining forces with Kosovo’s Ministry of Agriculture, Forestry and Rural Development (MAFRD) to launch an agricultural insurance system to boost the development of the country’s agriculture sector.
IFC ’s Europe and Central Asia Agri-Finance Project has been working with the ministry to develop and implement a transparent, sustainable, and viable agri-insurance system to improve competitiveness and spur development in the sector. In 2016 and 2017, Kosovo’s agriculture lost an estimated €15 million in damages, which could have been prevented with an adequate insurance system.
“Farmers in Kosovo can now insure their crops, which will enable them to mitigate weather risks and protect their investments,” said Dijana Zivic, Minister of Agriculture and Rural Development. “Agricultural insurance also provides business continuity to farmers, which leads to a more stable income for farmers and helps increase exports, create jobs, and improve lending in the sector.”
The project is part of the cooperation between the World Bank Group and MAFRD to support the development of the country`s agricultural sector.
“Agricultural insurance is a crucial component in making the agrisector more competitive, strengthening the enabling environment, and increasing technical skills to help mitigate risk. Kosovo’s new agri-insurance system will help increase confidence in agricultural lending, helping to boost productivity and profitability,” said Leah Soroka, IFC’s Europe and Central Asia Agri-Finance Program Manager.
IFC’s ECA Agri-Finance Project, in partnership with the Austrian Ministry of Finance and the Hungarian Export-Import Bank, aims to increase access to finance for the agricultural sector in Western Balkans, Ukraine, Central Asia, and Azerbaijan.
Original source: IFC
Published on 11 April 2019
