The World Bank Board of Directors in Washington has approved a soft loan project of 14.3 million euros for the Ministry of Trade and Industry, which will support the strengthening of competitiveness and readiness for export to Kosovo enterprises.
The World Bank Board of Directors in Washington has approved a soft loan project of 14.3 million euros for the Ministry of Trade and Industry, which will support the strengthening of competitiveness and readiness for export to Kosovo enterprises.
This project is of great importance to Kosovar entrepreneurs and will help Kosovo increase its competitive position as well as the capacity of Kosovo producers to export their products to international markets.
The project will help reduce costs for firms testing products and obtaining internationally recognized certificates by paving the way for penetration in the markets of the region, the European Union and beyond. Also, this project will support the process of reforming the inspection system in the Republic of Kosovo by reducing the number of business inspections but increasing their efficiency.
Kosovar firms will benefit from low costs for these services, while a considerable number will receive matching grants to assist them in obtaining certificates and achieving product standards as well as in utilizing business development services . These initiatives that will be implemented through this project are designed so that they directly benefit consumers in Kosovo, who will gain added protection from low quality products.
This project will assist the Kosovo Metrology Agency (KMA) and the Kosovo Accreditation Directorate, which operate within the MTI, to qualify for signing agreements for recognition with the International Committee of Weights and Measures And the International Forum for Laboratory Cooperation / Accreditation. This qualification can support the sustainability of Kosovo's National Quality System Infrastructure. These efforts will help both this system and the country's laboratories to get further acquainted with high-value markets such as the European Union – reducing costs for firms for obtaining internationally recognized testing reports and certificates. Also, the project will finance the purchase of equipment, facilitate training, and put in place and improve ICT systems to support the Government of Kosovo in reforming its business inspection systems.
The project is a loan from the International Development Association (IDA) of the World Bank Group, which is a fund for the countries with the greatest development needs. IDA loans are granted under concessionary terms with zero or very low interest rates and long return periods. The maturity of the loan is 25 years, including a 5-year grace period. The project will be implemented by the Kosovo Ministry of Trade and Industry over a period of five years.