The World Bank has approved a 6.74 million dollar soft loan and 5.5 million dollar grant to the government of Kosovo to improve property registration.
PRISHTINA, Feb, 7 – The World Bank has approved a 6.74 million dollar soft loan and 5.5 million dollar grant to the government of Kosovo, marking the first loan ever by the World Bank to the Republic of Kosovo.
The money comes from the World Bank’s International Development Association.
Kosovo became the newest member of the five World Bank Group institutions on June 29, 2009, when Kosovar President Fatmir Sejdiu and Prime Minister Hashim Tha詠signed the Articles of Agreement of the International Bank for Reconstruction and Development (IBRD). Kosovo also joined the International Monetary Fund on the same day.
In addition to becoming a member of the 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).
The funds Kosovo got through the loan will go toward the Real Estate Cadastre and Registration Project for Kosovo, which aims to help develop Kosovo’s land and property markets and enhance security of tenure.
There are three components to the project, the first component being municipal land administration. The component supports improving the capacity of Municipal Cadastre Offices to deliver services. The second component is the development of the Kosovo Cadastre Agency institutional framework. Finally, the third component is the project management, training and public outreach.
This component will support the Kosovo Cadastre Agency to manage the project, monitor, and evaluate the program’s effectiveness, as well as build its management and other skills.
