December 20 (SeeNews) - The International Finance Corporation (IFC) and the EU signed a project designed to help advance decarbonisation and increase resource efficiency in industrial parks across the Western Balkans, the IFC said on Tuesday.
This is the first in a series of projects aimed at addressing key development issues listed in the EU-funded Economic and Investment Plan (EIP) for the Western Balkans 2021-2027, and will be implemented under the Western Balkans Investment Framework (WBIF), the IFC said in a statement.
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The projects will focus on energy transition, climate change, and a stronger private sector.
IFC added that four pilot projects will be implemented in industrial parks in Serbia, Bosnia and Herzegovina, North Macedonia, Montenegro, Kosovo, and Albania.
WBIF chair Katarina Mathernova said that the signing of the first project formally consolidates the partnership of the European Commission and IFC in the Western Balkans through WBIF and opens potential for public and private investments to facilitate the energy transition of highly contaminating business parks.
Other projects in the pipeline aim to mobilize guaranteed financial instruments for creditworthy agribusiness clients, enabling much-needed sector modernization, digital transformation and help improve climate related capacity of financial intermediaries.
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.
The Western Balkans Investment Framework (WBIF) provides financing and technical assistance to strategic investments in the energy , environment, social, transport, and digital infrastructure sectors. It is a joint initiative of the EU, financial institutions, bilateral donors and the governments of the Western Balkans.
The Economic and Investment Plan (EIP) for the Western Balkans 2021-2027 was put forward by the European Commission in October 2020.