"We want to bring the Western Balkans closer to the EU faster, and the agreed investment of six billion euros is a key step in this direction."
This was stated by the President of the European Commission, Ursula von der Leyen, "Danas" reported.
Her statement came after the European Parliament (EP) and the EU Council agreed on the €6 billion Western Balkans Reform and Growth Instrument.
"Combining increased financial assistance and reforms, the investment will accelerate the progress of our Western Balkan partners on their path to the EU, promote their economic convergence and better integrate them into our single market," Von der Leyen said.
The total amount of funds for the period from 2024 to 2027 is 6 billion euros, of which 2 billion are grants and 4 billion are extremely favourable loans. At least half of the total amount will be distributed through the Western Balkans Investment Framework and will support infrastructure investments.
The funds will be allocated twice a year based on the requests of the Western Balkan partners, after verification by the EC. The executing authority must confirm that all relevant conditions related to macro-financial stability, sound management of public finances, transparency and budgetary oversight are met.
If some of the conditions are not met, the Commission may suspend payments, in part or in whole. The suspended amount will be withdrawn and can be redistributed among other users./BGNES
