Small business in Kosovo to gain improved access to finance with World Bank support

The World Bank’s Board of Executive Directors has approved the Kosovo Financial Sector Strengthening Project, to improve access to finance for Micro, Small and Medium Enterprises (MSMEs), including startups, young entrepreneurs and women-owned businesses. The financial support for the project is €22.3 million ($25 million equivalent).

“The World Bank is pleased to support Kosovo authorities’ efforts to increase access to finance and ultimately enhance private sector job creation,” said Marco Mantovanelli, World Bank Country Manager for Kosovo.

With a focus on the underserved and productive segments of the economy, the project has the potential to directly impact poverty reduction, especially among youth and women. Currently, some creditworthy MSMEs do not have access to finance due to high collateral requirements, lack of credit history, or lack of financial reporting.

This initiative is financed with a credit from the International Development Association (IDA) of the World Bank Group. The financing for this project has a maturity of 30 years, including a 5-year grace period.

Original source: World Bank
Published on 15 May 2019