March 31 (SeeNews) - The European Commission (EC) has approved the reallocation of 374 million euro ($411.3 million) in funding to support the social and economic recovery of the Western Balkans from the coronavirus crisis, it said.
The Commission will mobilise up to 46.7 million euro to support the social and economic recovery of Albania, 73.5 million euro for Bosnia and Herzegovina, 50 million euro for Montenegro, whilst North Macedonia will benefit from 62 million euro, Serbia from 78.4 million euro and Kosovo will receive up to 63 million euro, the EU's executive body said in a statement on Monday.
The funds will be redirected from the Instrument for Pre-Accession Assistance (IPA) to help the recovery in the Western Balkan partners in the short and medium-term, including support to the private sector, social protection, and strengthening resilience in the public health sector.
In addition, the Commission approved financing of up to 38 million euro in immediate support for the Western Balkans to tackle the health emergency caused by coronavirus, it noted.
The EU will assist Albania and North Macedonia to cover the immediate needs of their public health systems with up to 4 million euro each, and Bosnia and Herzegovina with 7 million euro. Montenegro will receive up to 3 million euro, Kosovo up to 5 million euro and up to 15 million euro will go to Serbia, the most affected country in the region thus far.
"Europe is facing an unprecedented public health crisis, but even in these difficult times we will always be there for our Western Balkan partners, who belong in the EU. We will help our partners to cover their immediate needs for their health systems, as well as promote longer term measures to mitigate the socio-economic impact of the coronavirus crisis and support small and medium-sized enterprises in the region," commissioner for neighbourhood and enlargement Oliver Varhelyi said.
The Commission is also working with the Regional Cooperation Council (RCC) and the Secretariats of the Transport Community Treaty and the Central Europe Free Trade Area (CEFTA) to address issues affecting the supply and the facilitation of movement of goods within the region, and between the region and the EU.
($ = 0.909105 euro)