MARRAKECH, October 13, 2023 – The World Bank announced the launch of the first multi-donor trust fund for advancing public asset management worldwide. Representatives from the World Bank signed the first technical assistance agreement with the first beneficiary of the trust fund, the Central Bank of the Republic of Kosovo (CBK), which will receive technical advisory services under the Reserve Advisory & Management Partnership (RAMP).
Sound public asset management contributes to the stability, resiliency, and prosperity of countries. Central banks and public asset managers manage over $40 trillion in reserves and assets worldwide, underscoring their importance in the global financial system. The World Bank is the trusted partner for public asset managers, and RAMP is the oldest and largest central bank partnership dedicated to improving reserve management. The new trust fund brings the World Bank’s public asset management expertise to lower-income, fragile, or conflict-affected countries that could not otherwise afford it.
“We are honored to welcome the Central Bank of the Republic of Kosovo as the newest RAMP member supported by the trust fund,” said Jorge Familiar, World Bank Vice President and Treasurer. “As the largest asset manager in the development community, with over $82 billion of assets under management, the World Bank is committed to improving public asset management worldwide. We are also delighted by the generosity of the Norwegian Agency for Development Cooperation (Norad), which will allow RAMP to expand its global impact.”
RAMP delivers advisory services, executive training, and asset management services in a global network of public asset managers, contributing to the Sustainable Development Goals of quality education, decent work and economic growth, climate action, strong institutions, and partnerships. Established in 2001, RAMP has advised over 100 public institutions and trained over 5,000 public asset management staff on sound public asset management practices.
“This agreement marks a significant milestone in the evolving relationship between the World Bank and the Central Bank of the Republic of Kosovo. We are delighted to join RAMP and proudly stand as the first central bank to benefit from the RAMP trust fund. Moreover, our membership will allow CBK to benefit from the World Bank’s extensive experience in reserve management and help us strengthen our capabilities in other related areas,” said Ahmet Ismaili, Governor of the Central Bank of the Republic of Kosovo.
