A Landmark in Kosovo–Luxembourg Financial Cooperation: Opening New Investment Opportunities

Prishtina, 30 September 2026 – In a first-of-its-kind gathering for Kosovo–Luxembourg cooperation, Prishtina welcomed leading institutions from Luxembourg’s internationally recognised sustainable finance ecosystem for a high-level exchange with Kosovo’s political leaders and key decision-makers from the financial and business sectors. The Kosovo–Luxembourg Finance for Impact Forum brought together government ministers and senior officials, the Central Bank Governor, bank chief executives and board members, insurance-sector leaders, pension institutions, regulators, chief executives of major companies and international development partners. This exceptional participation reflected a shared interest in strengthening cooperation, diversifying financing instruments and mobilising private investment for Kosovo’s economic development, energy transition and sustainable growth.

For the first time, such a broad representation of Luxembourg’s financial ecosystem came together in Kosovo, including the Luxembourg Stock Exchange (LuxSE) and its Luxembourg Green Exchange (LGX), Luxembourg Sustainable Finance Initiative (LSFI), Luxembourg House of Financial Technology (LHoFT) and House of Training / ATTF, alongside the Global Green Growth Institute (GGGI). Their combined expertise in capital markets, sustainable finance, financial innovation and capacity-building offered Kosovo direct access to institutions and experience from one of the world’s leading international financial centres.
 

The Forum featured a video address by Luxembourg’s Deputy Prime Minister and Minister for Foreign Affairs and Foreign Trade, and Minister for Development Cooperation and Humanitarian Affairs, Xavier Bettel. Reflecting on the longstanding Kosovo–Luxembourg partnership, he emphasised private-sector development, innovation and stronger institutional and business connections. Describing participants as bridge-builders, he encouraged new partnerships and practical cooperation.

Kosovo’s Minister of Economy Artane Rizvanolli, Minister of Finance Hekuran Murati and Central Bank Governor Ahmet Ismaili joined the discussion, underscoring its high-level significance and Kosovo’s commitment to advancing sustainable finance, developing capital markets and mobilising private investment.
 

Opening the Forum, Eric Dietz, Head of Mission of the Embassy of the Grand Duchy of Luxembourg in Prishtina, emphasised that Kosovo’s investment needs cannot be addressed through a single institution or financing instrument. While banks remain central, capital markets, guarantees, blended finance and other complementary mechanisms can help mobilise additional investment. He highlighted the opportunity to build on the longstanding bilateral partnership through deeper financial-sector cooperation, knowledge exchange and practical investment partnerships.

At the heart of the discussions was a fundamental question: how can catalytic investment  help Kosovo mobilise the long-term capital needed for energy, infrastructure, business expansion and sustainable growth? Its banking sector provides a strong foundation, but larger investment needs call for diversified financing channels and stronger international connections. Luxembourg’s experience in capital markets and green bonds offers valuable perspectives as Kosovo develops its financial ecosystem.

Minister of Economy Artane Rizvanolli highlighted Kosovo’s progress in attracting private investment in renewable energy, including competitive auctions, solar and wind projects, energy storage and energy efficiency. With Kosovo’s Energy Strategy requiring an estimated EUR 3 billion in investment, she emphasised the importance of mobilising private capital and drawing on international expertise, including Luxembourg’s experience in sustainable finance, to support the country’s energy transition.

Minister of Finance Hekuran Murati emphasised that sustainable finance and capital-market development are complementary priorities. He highlighted the importance of diversifying financing sources beyond traditional bank lending and developing the regulatory and financial architecture needed to channel private capital towards productive and sustainable investment.
 

A defining moment was the keynote address by Chiara Caprioli of the Luxembourg Stock Exchange, who explored the role of capital markets in mobilising long-term investment. Drawing on Luxembourg’s experience, she highlighted that the size of an economy need not limit its capital-market ambitions: credible institutions, transparent standards, sound governance and investor confidence are essential. The Luxembourg Stock Exchange’s participation was particularly relevant as Kosovo explores the foundations for capital-market development, creating opportunities for further technical exchanges on issuance, market infrastructure and investor access.

Central Bank Governor Ahmet Ismaili highlighted Kosovo’s stable, liquid and well-capitalised financial system as an important foundation for attracting investment and supporting sustainable economic development. He emphasised that while banks remain central to financing the economy, meeting Kosovo’s long-term investment needs will require diversifying financing sources and strengthening the broader financial ecosystem. He also underlined the importance of appropriate regulatory frameworks, institutional cooperation and well-prepared, bankable projects to translate investment opportunities into actual financing.
 

Two high-level panels connected international expertise with Kosovo’s financial-sector priorities. The first, bringing together the Central Bank of Kosovo and representatives of LuxSE, GGGI and LSFI, examined regulatory frameworks, institutional capacity, capital-market development and sustainable finance instruments.

The second panel explored how financial innovation, risk-sharing mechanisms and new financing structures could improve access to investment finance for businesses. ProCredit Bank Kosovo and the Kosovo Credit Guarantee Fund shared their experience in sustainable lending and guarantee mechanisms, while LHoFT and T-Blocks International highlighted the potential of financial technology, tokenisation and innovative financing solutions to connect businesses with new sources of investment.
 

Across the discussions, a consistent message emerged: mobilising investment requires more than access to finance alone. Strong institutions, investment-ready projects, appropriate regulatory frameworks and effective partnerships are essential to translating financial opportunities into sustainable economic development.

Building on more than two decades of cooperation with Kosovo’s financial sector, Luxembourg’s House of Training / ATTF has contributed significantly to professional capacity development, with its programmes having reached approximately 80% of banking-sector employees. This partnership was further strengthened through specialised training delivered on 1 October by experts from the Luxembourg Stock Exchange (LuxSE) and Luxembourg Green Exchange (LGX), focusing on sustainable bonds, their issuance and listing on international markets, and their potential to mobilise financing for sustainable investments. Additional exchanges included discussions between GGGI and chief executives of Kosovo’s banks, LHoFT and fintechs, alongside institutional meetings involving the Ministry of Finance and the Central Bank of Kosovo. These activities helped identify opportunities for practical cooperation in green bonds, capital-market development and innovative financing instruments.

The “Together We Grow” Alumni Evening Reception, organised by the House of Training / ATTF and the Kosovo Banking Association, brought together banking professionals and alumni of Luxembourg-supported training programmes, celebrating the longstanding partnership and professional connections between the two countries.
 

The Kosovo - Luxembourg Finance for Impact Forum was organised by the Embassy of the Grand Duchy of Luxembourg in Prishtina, in cooperation with the Kosovo Banking Association and the House of Training / ATTF. The initiative was supported through the Energy Transition and Climate Mitigation in Kosovo project, financed by the Grand Duchy of Luxembourg and implemented by LuxDev. As part of this project, LuxDev commissioned a study on financial mechanisms for renewable energy and energy efficiency in Kosovo, exploring practical approaches to mobilising private investment through guarantees, blended finance, ESCO financing and capital-market instruments. The study’s key findings were also presented during the Forum through a short video. The study is available here.

In his closing remarks at the Forum, Petrit Balija, Chief Executive Officer of the Kosovo Banking Association, emphasised the importance of translating the Forum’s discussions into practical cooperation and investment opportunities. He highlighted the potential to strengthen existing financing mechanisms, develop new partnerships, improve investment readiness and lay the foundations for future capital-market instruments, drawing on Luxembourg’s expertise and experience.

As a concrete next step, the Kosovo Banking Association will prepare a policy brief outlining key recommendations for Kosovo arising from the Forum’s discussions, providing a basis for continued dialogue and practical cooperation.