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The EIB offers first Kosovo loan


Prishtina, May 3, 2005 – SRSG Søren Jessen-Petersen signed today an agreement with the European Investment Bank (EIB) establishing a framework for the EIB to provide loans
for investment projects in Kosova, UNMIK Press Office informed today. Prime Minister Bajram Kosumi initialed the
document on behalf of the Provisional Institutions of Self-Government (PISG).

Addressing the press, SRSG Søren Jessen-Petersen termed the signing of the Framework Agreement a "historical moment". He said: "This Framework Agreement is a significant step forward for Kosovo’s economy. In fact, we see today that there is nothing that Kosovo cannot do. Status is still the goal that we are striving for, but we
have to move forward, particularly on the economy."

Ms. Grammatiki Tsingou, Director Lending Operations in South East Europe, and Roderick Dunnett, Associate Director Legal Department, signed the Agreement on behalf of the EIB. Ms Tsingou thanked the European Commission for its support in preparing the agreement. She said, “It is only through development that the region can enjoy peace.”

Reinhard Priebe, Director of Western Balkans at the European Commission, was also present at the signing ceremony.

Prime Minister Bajram Kosumi welcomed the engagement of the EIB: "This agreement will end the years of stagnation in Kosovo and enable other institutions to see the
possibilities for capital investments." Mr. Kosumi announced the creation of a special task force within the PISG to prepare plans and projects for cooperation with the EIB.

The Framework Agreement follows the promulgation of the Law on International Financial Agreements. UNMIK and the PISG will now join efforts to identify priority areas for immediate and medium-term investment.

EIB provides loans for bankable projects. Projects shall ideally be identified according to a medium-term economic strategy that should follow the model of a Kosovo Development Plan.

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Background information for foreign investors

Kosovo: General Information
Kosovo: Key economic indicators
Why do business in Kosovo?
Legal Framework in Kosovo
KTA and Privatisation in Kosovo



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