Announcement follows historic economic normalization agreement
WASHINGTON – Following the historic economic normalization agreement signed by Serbia and Kosovo on September 4, 2020 in Washington, D.C., U.S. International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler and Export-Import Bank Chairman Kimberly Reed signed Letters of Interest (LOI) today with Serbia and Kosovo to help finance construction of The Peace Highway. This project would connect Nis and Pristina and has long been a key piece of normalization talks between Serbia and Kosovo.
“The Peace Highway will drive economic development and regional integration by connecting Nis and Pristina. It will also serve as a powerful symbol of the new, transformative relationship between these neighboring countries,” said DFC CEO Adam Boehler. “DFC, in partnership with EXIM, is committed to advancing this peace process by investing in projects that create jobs and bring sustained economic benefit to both countries.”
“The Peace Highway is an important step toward economic cooperation between Belgrade and Pristina, and I commend the work of President Trump and the entire administration on this historic agreement,” said EXIM Chairman Kimberly A. Reed. “The Export-Import Bank of the United States is committed to supporting projects that both advance economic development and employment in the region, and support American exports and workers. I look forward to working with the U.S. International Development Finance Corporation, and the rest of my U.S. interagency colleagues, toward this goal.”
DFC and EXIM plan to send delegations to Belgrade and Pristina later this month to advance work on The Peace Highway and other projects. DFC will also lay the groundwork for opening its first office in the region. A permanent DFC presence in Belgrade will facilitate implementation of priority projects like the Peace Highway that will support job creation and economic growth in the region.
The LOIs signed today are non-binding and will be followed by standard due diligence conducted by both agencies before financing is formally committed.
U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.