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, www.miga.org, www.ifc.org .