Pristina, Kosovo, July 9, 2015 –
The World Bank Group, together with the Kosovo Banking Association,
today launched a national financial education program to boost Kosovars’
knowledge about smart borrowing, financial products, and e-banking.
Meetings and research conducted last year by the World Bank Group’s Finance
and Markets Global Practice, as part of the Balkans and Armenia Financial
Infrastructure Program, identified these three topics as crucial.
“Improving financial literacy will help develop Kosovo’s financial sector,”
said Petrit Balija, Executive Director of the Kosovo Banking Association.
“We welcome this initiative
and look forward to working together with the World Bank Group on improving
financial literacy in Kosovo.”
World Bank Group experts found that more than a third of those surveyed
(34 percent) spend all their monthly income, while more than three of every
four respondents (78 percent) don’t know how much they spend each month.
In addition, 44 percent of the borrowers surveyed are over-indebted and
14 percent spend more than their monthly income.
“This financial literacy program will help the citizens of Kosovo develop
financial skills and learn how to manage their finances better,” said
Elira Sakiqi, IFC Senior Country Officer. “This project is a part of our
broader efforts to increase access to finance in Kosovo and foster better
relations between banks and their clients.”
The financial literacy program will be delivered through the media campaign
and will include training and in-depth consultations with existing and
potential borrowers in Kosovo. The program is implemented in partnership
with the Development Bank of Austria (OeEB).
About the World Bank Group
The World Bank Group is one of the world's largest sources of funding and
knowledge for developing countries. It comprises five closely associated
institutions: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA), which together
form the World Bank; the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit www.worldbank.org,
For more information about OeEB, visit: http://www.oe-eb.at.
For more information about the Kosovo Banking Association, visit: http://bankassoc-kos.com/.