October 13 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it had approved a new strategy for Kosovo focusing on support for small and medium-sized enterprises (SMEs), energy security and regional integration.
The EBRD will provide financing to Kosovo corporates and SMEs in order to increase their competitiveness and will continue to cooperate with local banks to this end, the bank said in a statement published on its website on Wednesday.
The EBRD also said it would seek to apply the Green Economy Transition approach to all investments in Kosovo. The Green Economy Transition approach envisages increasing of the volume of green financing from an average of 24% of the EBRD annual business investment in the last 10 years up to 40% by 2020.
"Energy efficiency and renewable energy can help mitigate power shortfalls, which are currently endemic, while enhancing environmental sustainability," the EBRD said.
The EBRD added that it would also "consider supporting investments in power generation capacity where these are consistent with its Energy Sector Strategy" adopted in 2013, which focuses on energy security, affordability and energy efficiency.
The EBRD also said it would support Kosovo's connectivity and regional integration. To that end, the bank "will aim to provide long-term finance and advisory to help build and rehabilitate key transport links, as well as support Kosovo in bringing its transport sector into compliance with European standards."
To date, the EBRD has invested more than 200 million euro in almost 50 projects in Kosovo.