April 19 (SeeNews) - Kosovo's government and the World Bank signed an agreement envisaging financing of 90 million euro ($96 million) to support fiscal reforms, market competitiveness and sustainable development, Kosovo’s finance ministry said on Friday.
The agreement follows an assessment by the World Bank which has found progress in fiscal stability, public expenditure, investment climate and green transition, the finance ministry said in a social media post.
In March, the World Bank said it had approved financing of some 90 million euro in the form of a soft loan to back Kosovo’s efforts to improve its fiscal framework and business climate.
Repayment of the loan, channelled through the World Bank’s poverty alleviation arm International Development Association, spans over a 12 year-period, including a 6-year grace period, with no interest or service charge.
The agreement must now be endorsed by Kosovo's parliament to take effect.
($=0.938 euro)