THE PERFORMANCE OF THE KOSOVO CREDIT GUARANTEE FUND AND EFFECTS ON THE FINANCING OF THE REAL SECTOR ENTERPRISES IN KOSOVO

The main purpose of this study is to analyse the performance of the Kosovo Credit Guarantee Fund and the effects of this fund on the financing of real sector enterprises in Kosovo. To realize this study purpose, we first analysed the experiences of other countries in how they operate these guarantee funds of loans and through a comparative analysis using critical approach will compare the empirical findings of other authors for the performance of funds guarantors in different countries of the world. The scientific methods used for conducting the empirical analysis are quantitative methods, where through secondary data we have analysed the performance of this fund, capital structure, investments, credit portfolio development as well as presentation of credit guarantee statistics. These data were obtained from the annual financial reports of the Kosovo Credit Guarantee Fund and from financial stability reports published by the Central Bank of Kosovo. Linear trend analysis and comparative analysis were applied to derive the results. According to the econometric results we can conclude that the creation of the Kosovo Credit Guarantee Fund has had a positive impact on increasing the volume of loans to the real sector of Kosovo's economy. Based on trend analysis, there is a positive upward trend between credit guarantees and the volume of business loans, with the value of credit guarantees by the end of 2018 reaching (sic) 41.66 million.