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- OPEC Fund Director-General visits Kosovo, signs US$40m loan for Public Finances and Economic Growth Program
OPEC Fund Director-General visits Kosovo, signs US$40m loan for Public Finances and Economic Growth Program
June 9, 2022: The OPEC Fund for International Development (the OPEC Fund) is extending a US$ 40 million loan to Kosovo to support the “Public Finances and Economic Growth Program”. This comprehensive plan will improve fiscal transparency, promote private sector development and enable environmental reforms in the energy and waste management sectors. It was developed with the World Bank, which is also providing EUR 50.6 million (US$56.4 million equivalent) for its implementation.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa signed the loan agreement with Kosovo’s Minister of Finance, Labor and Transfers Hekuran Murati in Pristina today and said: “We are pleased to partner with the government of Kosovo and the World Bank to support this ambitious program addressing key development gaps and accelerating poverty reduction efforts. The new program will support the post-COVID-19 recovery, strengthen private sector development and promote the transition to a green economy in full alignment with Kosovo’s long-term development targets.”
Dr. Alkhalifa was paying his first official visit to Kosovo, where he also met President Vjosa Osmani, Prime Minister Albin Kurti, and Minister of Environment, Spatial Planning and Infrastructure Liburn Aliu to discuss Kosovo’s development and further opportunities for investment and cooperation.
Minister Murati added: “We are pleased to welcome the OPEC Fund delegation in Kosovo. We appreciate our successful cooperation so far and look forward to expanding and strengthening this partnership in the future. The signing of the loan agreement today is for a boost for our government’s reform program. These reforms are aligned with our priorities for 2021-2025 and will promote fiscal transparency, private sector support, and energy transition. Our strategy is based on sound fiscal foundations in support of long-term development.”
The “Public Finances and Economic Growth Program” addresses bottlenecks that constrain economic growth and poverty alleviation in Kosovo. It is aligned with priorities set out in the National Development Strategy 2030, which seeks to strengthen partnerships, transition to a greener economy and improve socio-economic indicators.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund was rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.