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EC launches new 1.2 bln euro financial package for W. Balkans

Jul 3, 2024, 10:44:49 AMArticle by Dragana Petrushevska
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July 3 (SeeNews) - The European Commission said it rolled out a new financial package for the Western Balkans that is expected to mobilise 1.2 billion euro ($1.3 billion) in infrastructure and entrepreneurship investments.

EC launches new 1.2 bln euro financial package for W. Balkans
Image credit: European Commission, Brussels.

This package will fund eight new flagship investments in water supply, sanitation, wastewater treatment, rail transport, as well as innovation and green transformation in small and medium enterprises (SMEs), the European Commission said in a press release on Tuesday.

The investment package includes 300 million euro in EU grants from the Instrument for Pre-accession Assistance, additional bilateral contributions from EU Member States and Norway, loans from international financing institutions and contributions from the economies of the Western Balkans. The package was endorsed by the Operational Board of the Western Balkans Investment Framework (WBIF).

"Our Western Balkan partners are building their European future. These investments, along with necessary reforms and access to our Single Market, will prepare our partners' economies to join our Union," said president of the European Commission, Ursula von der Leyen.

This is the sixth investment package under the EU’s Economic and Investment Plan for the Western Balkans, which aims to encourage the long-term recovery, accelerate a green and digital transition, as well as foster regional cooperation and convergence with the EU. The Plan mobilises up to 30 billion euro in investments, including 9 billion euro in EU grants through IPA III, over the 2021-27 period. Of this amount, 5 billion euro has been committed through the WBIF.

($ = 0.930 euro)

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