Switzerland is supporting Kosovo to develop a sustainable private sector since many years.
A big share of our support to the development of Kosovo‘s economy is dedicated to improving the environment where businesses operate with the aim to help businesses grow and stimulate investment.
Our support to the IFC Debt Resolution Program in the Western Balkans is one of those projects.
In Kosovo, this program envisages easing bankruptcy proceedings and out-of-court dispute resolution.
What we want to achieve with this project is to develop a flexible and efficient insolvency framework and practice. Such an insolvency framework shall preserve viable businesses through restructuring or lead to an efficient liquidation.
In our view, all this supports a safer environment for the investors, because insolvency framework are key regulations for doing business. Having them, increases the procedural security.
Of course, in order to make an efficient insolvency work, institutional capacity is necessary. All professions involved in an insolvency process need to be capacitated to administer such a process.
This is why, we are happy to be present at today’s event of the launch of comprehensive Bankruptcy Manuals, which were drafted by the project in cooperation with the Academy of Justice.
We are told that these two manuals – one for Bankruptcy Administrator and one for judges – will guide the course of the proceeding and establish a uniform approach. Therefore, these manuals contribute significantly to the quality of insolvency practice.
Switzerland is proud of this cooperation with IFC, because we know how important it is to get good advice, especially in times of crisis. In this regard, we think that our support to this project is very timely, knowing that right now, many private sector actors face difficult times and hence a speedy restructuring or an efficient liquidation will free up business assets into productive use again.
With that, we would like to thank our World Bank team, Kosovo Academy of Justice, judges, and the Chamber of Bankruptcy Administrators - who have actively contributed in drafting these two manuals - for their great work.
We are looking forward to our future cooperation! Thank you.