The OPEC Fund for International Development (OFID) is extending a US$40 million loan to Kosovo to support the ‘Public Finances and Economic Growth Program’, according to a statement by the Fund.
The comprehensive plan will improve fiscal transparency, promote private sector development and enable environmental reforms in the energy and waste management sectors.
The plan was developed with the World Bank, which is also providing EUR 50.6 million (US$56.4 million approx) 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 Thursday.
“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,” Alkhalifa said.
“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,” he added.