United States and Kosovo Sign Agreement Unlocking Financial Possibilities in Kosovo, December 31, 2020
On December 31, Prime Minister Avdullah Hoti and U.S. Ambassador to Kosovo Philip S. Kosnett signed a new Investment Incentive Agreement (IIA) enabling the U.S. International Development Finance Corporation (DFC), America’s development bank, to deploy its full range of financial products in Kosovo.
“DFC is pleased to have the IIA between Kosovo and the United States in place, solidifying U.S. commitment to expand the financial tools available for the development of Kosovo’s economy, especially its private sector” said John Jovanovic, DFC’s Deputy Vice President and Managing Director for the Western Balkans and Aegean. “We see great potential for DFC to help mobilize investments that create jobs and support development for the people of Kosovo,” Jovanovic added.
U.S. law requires any country, including Kosovo, to enter into an IIA with the United States in order for DFC to provide its entire range of financial products which includes debt financing, equity investments, political risk insurance, and grants for technical assistance.
Today’s signing follows a September visit to Kosovo by DFC’s Chief Executive Officer Adam Boehler. During his visit, Mr. Boehler signed a joint statement with Prime Minister Hoti to expand DFC’s investment focus in Kosovo to strengthen transportation infrastructure, energy, technology, and other industries.
Launched in 2020, DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. It invests across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. All of its investments adhere to high standards and respect the environment, human rights, and worker rights.