Kosovo: World Bank Approves Additional Financing for Lignite Power Technical Assistance

Project will enable hiring of Transaction Advisory, and Legal and Regulatory Advisory services

WASHINGTON, June 28, 2007 -- The World Bank Board of Executive Directors today approved US$2 million in additional financing for the Lignite Power Technical Assistance Project. The grant is provided by the International Development Association (IDA) to the United Nations Interim Administration Mission in Kosovo (UNMIK), on behalf of Kosovo.

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The additional financing will provide the Project Steering Committee with sufficient financing to execute the contracts with the successful bidders for the Transaction Advisory, and the Legal and Regulatory Advisory services, so that these advisors can assist the PSC in dealing with prospective private investors in major lignite mining and power plant development. The Transaction Advisory and the Legal and Regulatory Advisory services are being selected through an international competitive bidding process.

The energy sector plays a crucial role in fostering economic growth in Kosovo. The project will bring technical assistance to a major private investment in the energy sector. It will also support the implementation of good environmental and social practices, and facilitate future private sector investments in an economic and efficient manner.

Source: World Bank