WB lending 14.6 mln euro to improve cadastre data, services in Kosovo
The World Bank said it has approved a 14.6 million euro ($16.5 million) credit, to be used to increase the quality and availability of land administration and geospatial data and services in Kosovo under a real estate and geospatial infrastructure project (REGIP).
“Securing property rights is critical for improving Kosovo’s growth and development - as well-defined rights are the cornerstone of a vibrant market economy,” World Bank country manager for Kosovo, Marco Mantovanelli, said in a statement on Tuesday, following a meeting of the World Bank’s board of executive directors.
“This project will help increase access to finance and reduce informality in the economy, positively impacting credit markets and the commercial banking sector which, in turn, could result in more investment and more jobs,” Mantovanelli added.
The project will focus on improving the availability and accuracy of cadastral information, advancing information and communications technology and geospatial infrastructure, and implementing capacity-building initiatives.
“The REGIP project is financed through a credit from the International Development Association (IDA) of the World Bank Group. IDA credits are provided on concessional terms with zero or very low-interest rates and long repayment periods,” the bank said.
The financing for the project has a maturity of 25 years, including a five-year grace period. The project will be implemented over five years by Kosovo’s cadastre agency, which operates under the umbrella of the ministry of environment and spatial planning of Kosovo.