The United Kingdom (UK) will boost its exports and investment in the Western Balkans with up to £15.75 billion in export finance. Along with this comes £10m to accelerate the region’s green transition. Combined support means boosting prosperity and more jobs both in the region and in the UK.
At the European Bank for Reconstruction and Development’s Western Balkans Investment Summit in London yesterday(Monday, February 26th), the UK unveiled a package of energy and infrastructure aid to boost trade and boost investment between the UK and the Western Balkans, opening jobs and supported sources of income across countries.
British Security Minister Tom Tugendhat highlighted potential business opportunities in the region at the summit – attended by the Prime Ministers of Montenegro, Kosovo and Serbia, as well as business leaders from the UK. The value of trade between the UK and the Western Balkans region was £4.5 billion in 2023 and growing.
As the region moves towards decarbonisation, the UK will provide an additional £4.2m to accelerate the transition away from coal and develop wind power, supporting many countries in the region to end their dependence on Russian energy supplies, on top of the £1.1m provided last year for energy security through partners like the World Bank.
The UK Government will also allocate up to £4bn to boost UK exports to the region through UK Export Finance, the UK’s Export Credit Agency which provides guarantees to UK companies to trade safely overseas. This financial support is already having visible benefits in the region, such as the £363 million for the Moravian Corridor highway in Serbia, which will connect the industrial city of Krusevac with important commercial centers such as Sarajevo and Bar.
The UK has also reinforced its commitment to decarbonisation in Bosnia and Herzegovina (BiH) by providing £2.4 million in funding through the World Bank. This includes the financing of the implementation of two projects in BiH concerning the transition from the use of coal, with a focus on reversible, biomass and solar sources, and an assessment of the impact on the labor market.
As tensions rise across the region, the UK will also increase program funding by £10m next financial year to support the region’s prosperity and security – from supporting resistance to malign activity, interference and cyber-attacks, to economic development and cooperation with partners in the fight against corruption and serious organized crime, said the participants of the summit.
By boosting investment, the UK will increase income sources for people across the Western Balkans, providing a long-term solution to the problem of illegal migration in parallel with the progress the UK Government is making in preventing people smuggling, N1 reports.
E.Dz.
