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Prof. Dr  Wolfgang Schumann

11.07.08: 1.2 billion € investment in Kosovo - 0 views

  • The international community has pledged to invest €1.2 billion toward the rebuilding of Kosovo, with the European Commission alone putting aside €508 million to fill in the gaps in Pristina's financial needs from 2009 to 2013.
  • Kosovo, which seceded from Serbia in February of this year, is one of Europe's most under-developed economies and is highly dependent on foreign subsidies. From 1999 to 2007, when under the direct administration of the United Nations, Pristina benefitted from over €3.5 billion in reconstruction assistance. However, the official unemployment rate remains a worrying 43 percent, with youth unemployment estimated even higher, at around 60 percent. Kosovo's economy grew by 4.4 percent in 2007, with an inflation rate of 13.6 percent as of April, 2008. The largest chunk of money for Kosovo is to come from the European Commission, followed by an American contribution of some $400 million. Beyond the EU's own funds, member state Germany has pledged €100 million, and the UK has confirmed an aid package worth £23 million.
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