The institutions of the European Union (EU) have agreed to establish a fund of six billion euros to strengthen economic relations with the countries of the Western Balkans.
The Council of the EU announced that an agreement was reached on the establishment of the Fund for Reform and Growth, which was negotiated by member states and the European Parliament (EP) and which is the main element of the Western Balkans Growth Plan.
It was stated that with the fund, in the period from 2024 to 2027, EU partners in the Western Balkans will be provided with two billion euros in grants and four billion euros in loans.
It was announced that the fund will complement the existing Instrument for Pre-Accession Assistance (IPA III), which will significantly increase the financial assistance provided to partners in the region.
It was stated that the fund will support EU-related reforms in the countries of the Western Balkans and encourage economic rapprochement between the EU and the region.
After this phase, the fund will enter into force after the official approval of the EP and member states.
Last year, the EU Commission prepared a new growth plan for the Western Balkans in order to increase economic growth and accelerate socio-economic convergence.
The Reform and Growth Instrument for the Western Balkans aims to initiate socio-economic reforms in the Western Balkans, promote economic growth and align with the EU.
The plan aims to strengthen the EU’s economic relations with Albania, Kosovo, Bosnia and Herzegovina, Serbia, North Macedonia and Montenegro, AA writes.
