MTI signs co-operation agreement with the International Finance Corporation IFC

The International Finance Corporation IFC, part of the World Bank Group, represented by Mr. Damien Shiels, Global Finance Practice Manager, Competition and Innovation (IFC) and Mr. Patrick, representing the Swiss Development Agency SECO.

In her address, Trade and Industry Minister Arbene Krasniqi's taskman, highly praised the work and partnership with the IFC, part of the World Bank Group, and I want to confirm once again our interest and readiness that this co-operation will continue in the future. In this case, Minister Abreshevan Krasniqi also thanked the Swiss government and its SEKO agency as one of the most active donors in Kosovo, who simultaneously support this important MTI project.

“ “Program for Selecting Debt” aims to assist the Kosovo government in its efforts to improve its pre-falmentation regime and address the country's default and stimulate the use of the default framework. This is expected to lead to improved credit return and increased credit returns, as well as enable rehabilitation of potential businesses and to ease liquidation of inefficient companies and turn their assets into productive use”, Krasniqi said.

According to U.D. Minister Krasniqi, under this project these activities will be included: Reviewing the inability to carry out payments and other laws to remove possible uncertainties and other obstacles in implementing the bankruptcy process. Likewise, according to Krasniqi, the development of secondary legislation, required for effective implementation of the law; the drafting of regulations and guidelines necessary to promote debt resolution before bankruptcy; encouraging the interest parties to engage in voluntary negotiations through establishing solutions mechanisms outside the trial that will enable parties to negotiate in trust and reach agreements aimed at avoiding formal surrender of indictments.

“Through this memorandum of understanding, we aim to help create a more secure climate for business in Kosovo, where creditors, debtors, or other parties are more protected in their interests, which will also affect the continued improvement of foreign investors in Kosovo”, the potential task seeker than the minister, Krasniqi.

Furthermore, she said that we deeply believe that through this project, Kosovo will mark improvements in the process of bankruptcy and restructuring of commercial companies in Kosovo, and with that improvement in the global rankings of relevant indicators in the Doing Business Report (“Doing Business Report” of the World Bank, and will be part of the regional processes where the IFC is making the necessary contribution to changing public opinion perception regarding the bankruptcy process and the reduction of bad loans.

Finally, Minister Arberes Krasniqi's U.S. minister stressed that the Ministry of Trade and Industry is grateful to the IFC and the Swiss Government for their current support and that we are willing to continue co-operation in projects and the joint jobs that await us to positively influence economic development in our country.