May 11 (SeeNews) - The World Bank's new five-year strategy for Kosovo will seek to boost the country's competitiveness for higher job creation and living standards and will contribute to greater public service efficiency, more formal private sector jobs and increased environmental resilience, the global lender said.
The indicative resource envelope during the first three years of the Country Partnership Framework (CPF) period amounts to $127 million (116 million euro) and is provided on concessional terms, with zero or very low interest charges and long repayment periods, the group said earlier this week.
The overall CPF programme also includes a portfolio of 11 active projects totaling $365 million.
During the CPF period, the World Bank’s private sector arm, the International Financial Corporation (IFC), will leverage conventional and innovative lending and advisory instruments to support the financial sector, build resilience, and help develop an export-oriented manufacturing sector, it added.
IFC’s committed portfolio in Kosovo stands at $13.6 million as of March 31.
The CPF programme will also accompany the ongoing reforms in the business-enabling environment, access to credit, and financial market development by supporting innovative and green financing, and land titling, with a focus on promoting the inclusion of women, youth, and marginalised groups.
Kosovo’s economy has progressed steadily during the past decade, as the per capita income has increased by some 50% and poverty rate has been reduced to 50%, the lender said.
(1 euro = 1.09322 U.S. dollars)