Governor Ismaili after CBK’s membership in the World Bank Treasury’s RAMP Program: This Agreement marks a significant progress in our institutional relations

16/10/2023

The Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili and Mr. Jorge Familiar, Vice President of World Bank and Director of the Treasury signed the agreement for CBK's membership in the Reserves Advisory and Management Partnership Program (RAMP) with the Treasury of the World Bank (WB).

After signing the Agreement, Governor Ismaili stated that CBK’s membership in this program has marked a significant progress in the relationship between the Republic of Kosovo and the World Bank Group.

"This Agreement marks a significant progress in the evolving relations between the World Bank Group and the Central Bank of the Republic of Kosovo. We are happy to be joining the RAMP Program and also that we are the first central bank to be offered this new opportunity of the Membership Agreement", stated Governor Ismaili.

According to Governor Ismaili, membership in the "Reserve Advisory and Management Partnership" Program (RAMP) will allow the CBK to benefit from the WB expertise and strengthen its capacities in the management of assets and reserves.

"Moreover, this membership will allow the CBK to benefit from the World Bank's extensive experience in reserve management and help us strengthen our capacities in other related areas", stated the head of the CBK, during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Marrakesh.

Whereas, the Vice President and Director of World Bank Treasury, Mr. Jorge Familiar, stated that he welcomes CBK’s membership in the RAMP Program.

"We are honored to welcome the Central Bank of the Republic of Kosovo as the newest   RAMP member supported by the Trust Fund” stated Vice President Familiar.

We are honored to welcome the Central Bank of the Republic of Kosovo as the newest RAMP member supported by the trust fund,” said Jorge Familiar, World Bank Vice President and Treasurer.

“As the largest asset manager in the development community, with over $82 billion of assets under management, the World Bank is committed to improving public asset management worldwide. We are also delighted by the generosity of the Norwegian Agency for Development Cooperation (NORAD), which will allow RAMP Program to expand its global impact" - he concluded.  
The asset management function plays a key role in the CBK’s long-term stability, and this program will contribute to the advancement of this function in relation to the objectives of the highest financial institution in the Republic of Kosovo.
The CBK is the first central bank to be offered this new form of membership, supported through the Multi-Donor Trust Fund made possible by the International Bank for Reconstruction and Development (IBRD), who is part of the WB Group.

RAMP was created in 2001 and is offered to central banks and qualified institutions by the IBRD. The program is designed to increase the beneficiary institutions' capacities and expertise in the field of asset management and related areas such as risk management, financial reporting, information technology, and legal aspects.
Over 100 public institutions and central banks have received advice in this area so far from the RAMP Program, and more than 5,000 public employees and asset management experts are trained on best public asset management practices.