Governor Nurboja: The number of businesses with women owners continues to increase

The Acting Governor of the Central Bank of the Republic of Kosovo, Mr. Bashkim Nurboja, has said that bank lending continues to be a very important and stable source of financing for the private sector in Kosovo, including those led by women.

On the occasion of the launch ceremony of two new guarantee windows for “women in business” and “start-up”, from the Kosovo Credit Guarantee Fund, Governor Nurboja emphasized that these windows are a good opportunity to promote gender equality, since equality of economic opportunity for women and men is a key element of a modern, well-functioning market economy and is essential for sustainable and inclusive growth.

In front of the audience, the Acting Governor, Mr. Nurboja stated that bank lending continues to be a very important and stable source of financing for the private sector in Kosovo. The value of banking sector loans until February 2023 has reached 4.38 Billion Euros, marking an annual increase of 15.1%.

“The number of business accounts with women owners in the banking sector is 21,247 compared to 104,461 with men owners, or 17 percent of the total accounts, the value of deposits of businesses with women owners is 112 Million Euros or 7 percent of the total business deposits from 1.7 Billion Euros. The number of loans of women-owned businesses is 8,185 or 25 percent of the number of business loans, compared to the number of loans of 24,546 or 74 percent of businesses with male owners. Meanwhile, the value of loans to women-owned businesses is 643 Million Euros or 29 percent of the total business loans of 2.2 Billion Euros. As for gender representation in the banking sector, including CBK, the average participation of women employees in relation to men is 56-44 percent in favour of women”, said Nurboja.

Although there is a satisfactory trend of credit growth in the country, he stated that the level of financial intermediation in Kosovo should increase even further, and that in relation to the size of the economy, there is further room for expansion of lending activity.

“An important role in the level of financial intermediation will also be played by the start-up Window, through which will be supported new entrepreneurs, who aim to start the realization of a business model, product or innovation, with rapid growth and expansion potential. Considering the reluctance of the banking sector to finance start-up businesses due to the high risk associated with these businesses, the new guarantee window for start-ups will affect the increase in financial inclusion, and thus the growth and expansion of their activity. These two guarantee windows for women in business and start-up will help in the growth and development of businesses, contributing to the overall economic development of the country”.

The Acting Governor, Mr. Bashkim Nurboja, has stated that the Central Bank of the Republic of Kosovo continues to support and push the financial sector to increase support for the country’s economy.