Bashkim Nurboja: The number of businesses with women owners
continues to increase
Speech by Mr Bashkim Nurboja, Acting Governor of the Central Bank of the Republic of
Kosovo, at the launch ceremony of two new guarantee windows for "women in
business" and "start-up", from the Kosovo Credit Guarantee Fund, Pristina, 26 April
2023.
* * *
The honourable Minister,
The honourable Mr. Berisha,
Dear attendees,
It is a special pleasure to be part of this ceremony that marks the seventh anniversary
of the establishment of the Kosovo Credit Guarantee Fund, and also of the launch of
two new guarantee windows, for Women in Business and Start Up.
The Kosovo Credit Guarantee Fund, with the support of international friends and
partners, within a relatively short period of time has managed to transform into a very
important institution, playing a special role in increasing and facilitating financing for the
country's economy.
Bank lending continues to be a very important and sustainable source of financing for
the private sector in Kosovo. The value of banking sector loans until February, 2023
has reached 4.38 Billion Euros, marking an annual increase of 15.1%.
Although there is a satisfactory trend of credit growth in the country, the level of
financial intermediation in Kosovo should increase even further, and that in relation to
the size of the economy, there is further room for expansion of lending activity, and
especially for the inclusion of women in economic activities.
A very important role in filling this space is played by the Kosovo Credit Guarantee
Fund, which, through its guarantee mechanism, will enable the increase in lending and
ease the conditions of access to credit.
Allow me to share with you some data from the banking sector; the number of business
accounts with women owners in the banking sector is 21,247 compared to 104,461 with
men owners, or 17 percent of the total accounts, the value of deposits of businesses
with women owners is 112 Million Euros or 7 percent of the total deposits of businesses
from 1.7 Billion.
The number of loans of women-owned businesses is 8,185 or 25 percent of the number
of business loans, compared to the number of loans of 24,546 or 74 percent of
businesses with male owners. Meanwhile, the value of loans to women-owned
businesses is 643 Million Euros or 29 percent of the total business loans of 2.2 Billion.
Therefore, the new guarantee Window for women in business, in addition to being good
news for new businesses and the country's economy in general, is of special
importance because, in addition to the economic empowerment of women, it will also
affect their inclusion in the country's economy and in other areas of life.
CBK sees the new guarantee window for women in business as a good opportunity to
promote gender equality and believes that equality of economic opportunities for
women and men is a key element of a modern, well-functioning market economy and is
essential for sustainable and inclusive growth.
An important role in the level of financial intermediation will also be played by the
startup Window, through which will be supported new entrepreneurs, who aim to start the
realization of a business model, product or innovation, with rapid growth and expansion
potential. Considering the reluctance of the banking sector to finance start-up
businesses due to the high risk associated with these businesses, the new guarantee
window for start-ups will affect the increase in financial inclusion, and thus the growth
and expansion of their activity.
These two guarantee windows for women in business and start-up will help in the
growth and development of businesses, contributing to the overall economic
development of the country.
For the end, I would like to congratulate the banks that are part of these windows and
encourage other banks to be involved in such projects.
The Central Bank of the Republic of Kosovo continues to support and push the financial
sector to increase support for the country's economy.
Thank you!