The Republic of Kosovo has become the newest member of the five World Bank Group institutions – the IBRD, the IDA, the IFC, Miga, and the ICSID.
Kosovar President Fatmir Sejdiu and prime minister Hashim Thaçi signed the articles of agreement of the International Bank for Reconstruction and Development (IBRD) on June 29. Kosovo’s minister of economy and finance and World Bank officials witnessed the signing ceremony.
In addition to becoming a member of IBRD, Kosovo joined the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (Miga), and the International Centre for Settlement of Investment Disputes (ICSID).
With the admission of Kosovo, membership now stands at 186 countries for IBRD, 169 for IDA, 182 for IFC, 174 for Miga, and 144 for ICSID.
“Kosovo’s reconstruction and political transition since 1999 has progressed well, with a quicker than expected recovery and a positive economic outlook,” said World Bank Group president Robert Zoellick.
The World Bank Group is working with the authorities and stakeholders in Kosovo to develop a new two-year partnership strategy. In addition to financing and analytical and advisory services offered to Kosovo by IDA and IBRD, the bank group – through the IFC and MIGA – will also offer support to encourage private sector investments in Kosovo. The new strategy will work towards a range of efforts that are critical to supporting Kosovo’s development.
“We welcome Kosovo’s membership and look forward to helping to encourage foreign investment into the country that supports the government’s development efforts,” says Miga’s executive vice-resident Izumi Kobayashi. “Miga will also do its part to support World Bank Group initiatives in Kosovo.”
Miga can now consider applications for political risk insurance cover from eligible investors for investments into Kosovo. Investors from Kosovo going into other developing countries may also apply for coverage.
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