Business News
World Bank approves first loans to Kosovo
Mar 10, 2010, 12:35 GMT
Pristina - The World Bank on Wednesday approved the first loans to Kosovo, the former Serbian province that declared independence two years ago and is still struggling for full international recognition.
The World Bank office in Kosovo said two loans worth a total of 20 million dollars were approved to help Kosovo's authorities bring order to the property registries and modernization of the administration.
Kosovo has been recognized by 65 nations, including the United States and other leading Western powers, but has remained locked out of the United Nations by Serbia's ally Russia.
Despite the row over its recognition, which Serbia took to the UN's International Court of Justice, Kosovo was allowed to join the World Bank and the International Monetary Fund in June.
The former province, with a majority Albanian population, has a moribund economy and is plagued by unemployment and corruption.
It also faces potential instability as it attempts to assert full control over its territory, including a large and hostile Serb enclave in the north.
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