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The Central Bank and EFSE Development Facility expand accessibility to children’s financial literacy books

In a joint project the Central Bank of the Republic of Kosovo (CBK), supported by European Fund for Southeast Europe (EFSE) DF, produced the series of financial literacy books for school aged children. The series of five books targeted school grades 1-5 and introduced learners to responsible money use, including savings, tracking spending and more.

The Kosovo Ministry of Education recognised the quality and value of the materials and on 29 September 2020, signed a memorandum of understanding with the Central Bank to adopt these books into the public education curriculum. During 2021, the books were distributed to 900 schools across Kosovo.

To extend the outreach of this project the CBK and EFSE DF agreed to print and distribute the series of financial literacy books in the Brail alphabet and B5 format to include children with impaired vision in this project.

The books, which promote responsible financial practices and enhance financial education, were distributed to the children at the Resource Centre for Learning and Counselling “Xheladin Deda” in Peja, by the CBK and EFSE DF in an event organized on November 03, 2021.

On this occasion the chief of staff to the Governor, Nexhat Miftari said that the purpose of the CBK financial education activities is to encourage children and young people to be informed and learn as much as possible about products, concepts, and financial services, and apply good financial practices in their everyday lives. The more informed and financially educated our citizens are, the more capable they will be in increasing their economic and financial well-being, in the proper selection of financial products and in making sound decisions about their personal finances.

“Today we are sharing with your students the collection of books, which has been distributed to all schools in Kosovo. We aim at contributing to the information and education of primary school children with basic financial concepts, which they will apply throughout their lives and will influence their financial management culture from an early age. To be accessible to all children in Kosovo, the collection of books has been prepared in all local languages ​​(Albanian, Serbian, Turkish, Bosnian and Roma), including children with special needs. The books printed in Braille alphabet, B5 format and the audio books ensure inclusion of all Kosovo children in the CBK Financial Education platform,” said Miftari.

Venera Hoxha, on behalf of Finance in Motion – Manager of the EFSE DF, informed the participants that the financial literacy book series project aimed at contributing to financial education of children from an early age. “Knowing that children are our future, we have supported this project and hope that the books will serve you as a basis in creating good habits in money management today and making responsible financial decisions during lifetimes,” said Hoxha.

The director of this Centre Xhavit Kastrati thanked the CBK and EFSE DF for the books, while expressing the readiness to further increase the cooperation between institutions for the benefit of students.

Meanwhile, the students expressed their happiness with the donated books.

The objective of the CBK Financial Education Program is to include all age groups of Kosovo citizens in educational activities and provide access to financial education materials, with primary focus is on school aged children in all levels of education in Kosovo.

About EFSE

An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing for this target group. Alongside its investment activities through local partners, EFSE multiplies its impact through the EFSE Development Facility, which provides technical assistance, training, and other nonfinancial support to entrepreneurs and institutions.

EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors.

Finance in Motion GmbH, Germany, serves as EFSE’s advisor and Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as manager.

For more information on the European Fund for Southeast Europe, please visit: www.efse.lu 
For more information on Finance in Motion, please visit: www.finance-in-motion.com

About the EFSE Development Facility

The Development Facility of the European Fund for Southeast Europe (EFSE DF) was created in 2006 to support the fund’s development finance mandate. It deploys effective, targeted, and innovative technical assistance to maximise the impact and extent of the fund in EFSE’S target countries. The EFSE Entrepreneurship Academy is an arm of the EFSE DF that specifically focuses providing entrepreneurs with the resources, training, opportunities for financial backing, and other means necessary to turn good ideas into successful enterprises.

Managed by impact asset manager Finance in Motion, the facility operates independently from the fund in a fiduciary arrangement under Luxembourg law. The Development Facility Committee, comprising members nominated by KfW Development Bank, the development bank of Austria OeEB, and the Dutch development bank FMO, is responsible for assessing and approving all project proposals and providing strategic guidance to the facility.

For more information on the European Fund for Southeast Europe, please visit: www.efse.lu 

For more information on Finance in Motion, please visit: www.finance-in-motion.com