With support from the World Bank, the Western Balkan economies are making significant progress in aligning their national payment systems with EU standards as part of their accession goals.

The introduction of parametric insurance in Tonga last year is already having a positive impact on the mindset of beneficiaries, as well as the country’s overall financial services ecosystem.

The loan is extended within the Western Balkans SME Competitiveness Support Program with the support by the EU, which is providing incentive payments and technical assistance.