CBK welcomes the ratification of the Financing Agreement for the Kosovo Financial Sector Development Project

The Central Bank of the Republic of Kosova welcomes the approval by the Assembly of the Republic of Kosovo of Law No. 10/L-015 on the Ratification of the Credit Agreement between the Republic of Kosovo, represented by the Ministry of Finance, and the International Development Association, for the Kosovo Financial Sector Development Project.

The approval of this Agreement constitutes a very important step toward advancing reforms in the financial sector and strengthening the country’s financial infrastructure.

The CBK considers that this project will have a significantly positive impact both on the financial sector as a whole and on the developmental and reform capacities of the Central Bank itself. In particular, the project is expected to support the capitalization of the Deposit Insurance Fund, with a view to further strengthening the financial safety net, as well as within the framework of reforms aimed at increasing the guaranteed coverage limit for depositors.

The agreement will also enable the financing of the instant payments project, namely the implementation of the TIPS Clone platform, which represents an important development in the modernization of the national payments system, the enhancement of transaction efficiency, and further alignment with European payment standards.

At the same time, the project will also contribute to increasing the capital of the guarantee fund, as well as other financing and guarantee initiatives, thereby supporting access to finance and creating more favorable conditions for lending and sustainable economic development.

The Central Bank of the Republic of Kosovo expresses its appreciation to the Ministry of Finance for this project and Financing Agreement with the World Bank, to the Assembly of the Republic of Kosovo for the unanimous ratification of this strategically important agreement, as well as to the World Bank for its partnership and continued support in strengthening financial stability, modernizing the financial sector, and advancing financial inclusion in the Republic of Kosovo.