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19.03.2014

Bank Austria agrees the country's first soft loan to Kosovo

Bank Austria agrees the country's first soft loan to Kosovo

On 27 February 2014, UniCredit Bank Austria agreed the country's first soft loan, worth EUR 4,931,000, with Kosovo's Ministry of Finance, underlining once again the bank's strength in export finance and the pioneering role it plays in opening up new markets for concessional loans. The basis for the deal was the bilateral agreement between Kosovo and Austria, which was signed in summer 2012 and came into force in January of the following year.

Soft Loans are a kind of tied financial aid granted on favourable terms to support projects in selected countries that would not be economically viable if they had to be financed at market rates. These loans are characterised by a very low interest rate that is supported by the Austrian government as well as long terms with grace periods for repayment. They are also fully guaranteed by the Republic of Austria.

The soft loan will be used to fund the modernisation of the Kosovar education system (e-education = IT-based pre-university education portal to prepare students for the Central State Matura examination) by the Styrian company Bit Media eSolutions GmbH, based in Graz, which has a long and successful track record in the fields of e-government and e-education.

Enquiries: Bank Austria Media Relations
Martin Kammerer, Tel. +43 (0) 50505 – 52803
E-mail: martin.kammerer@unicreditgroup.at