May 24 (SeeNews) - The World Bank said on Wednesday it plans to allocate to Kosovo between $210 million (188 million euro) and $280 million under its new Country Partnership Framework (CPF) for 2017-2021 to help Kosovo move toward more sustainable, export-oriented, and inclusive economic growth.
The new strategy is tailored to support projects and reforms, which will promote employment, especially for young people and women, the World Bank said in a press release.
Kosovo's growth during the last years, although stable, has been mainly driven by remittances and foreign aid and has not really brought employment to the country.
"The strategy discussed by the World Bank Group’s Board of Executive Directors supports Kosovo’s development agenda by focusing on three areas - accelerating private sector growth and job creation, improving public service delivery, and promoting reliable energy," Ellen Goldstein, World Bank Director for Western Balkans, said
The CPF programme aims to further support Kosovo in alleviating the country's unreliable energy supply, which is the biggest stumbling stone before local businesses.
"The World Bank, along with other development partners, is committed to helping Kosovo resolve its energy shortages through a comprehensive strategy that includes increased energy efficiency, development of renewable sources of energy, integration into regional power markets, and support for new power generation that is both reliable and affordable for citizens," Marco Mantovanelli, World Bank Country Manager for Kosovo, said.
The new strategy will continue to be oriented at the reduction of the administrative burden for businesses and the promotion of investment policy reforms that can attract private investment to the country.
The International Finance Corporation, part of the World Bank group, will further support the private sector through investments and advisory work.
"IFC will be engaged in efforts to improve the business environment and corporate governance, attract private sector participation in infrastructure and energy projects, and help improve access to finance for companies engaged in manufacturing and services, as well as agricultural producers," Thomas Lubeck, IFC Regional Manager for the Western Balkans, said.
The World Bank also plans to help Kosovo's authorities improve financial management, public administration, and public services delivery.
($ = 0.8950 euro)