The European Commission announces the sixth investment package for the Western Balkans

2024-07-02 21:52:00, Kosova & Bota CNA

The European Commission announces the sixth investment package for the Western

European Union flags near the European Commission building in Brussels. Source, Reuters

The European Commission (EC) announced on Monday the sixth investment package within the EU Investment Plan for the Western Balkans, which is expected to raise 1.2 billion euros for investments.

The EC said this package will support eight key new investments in water supply and sanitation, waste water treatment and rail transport, as well as innovation in small and medium-sized enterprises.

Investments will be made in close cooperation with partners from the Western Balkans and international financial institutions.

The €1.2 billion investment package includes €300 million in EU grants from the Instrument for Pre-Accession (IPA III), additional bilateral contributions from EU member states and Norway, loans from international financial institutions and contributions from economies of the countries of the Western Balkans.

According to the announcement, the new investments will be developed based on three priorities of the Investment Plan: Reconstruction and rehabilitation of water supply and sewerage infrastructure in Montenegro and Bosnia and Herzegovina; progress in rail infrastructure on Corridor 10, with a fast connection between Belgrade and Velika Plana, enabling faster movement of passengers and goods in the region; as well as support for the business sector in the region.

The President of the European Commission, Ursula von der Leyen, has emphasized on this occasion that the investment plan for the Western Balkans worth 30 billion euros has been fulfilled with a new package of 1.2 billion euros.

"This strengthens regional ties with quality infrastructure and brings us closer to each other, which is our goal. Our Western Balkan partners are building their European future. These investments, together with the necessary reforms and access to our Common Market, will prepare the economies of our partners to join the bloc," she said.

The European Commission approved the Investment Plan for the Western Balkans in 2020, which covers the period 2021-2027. This package aims to boost long-term recovery, accelerate green and digital transformation and encourage regional cooperation and convergence with the EU.

The plan mobilizes up to €3 billion in investment, including €9 billion in EU grants through IPA III, over a seven-year period. Of this amount, 5 billion euros have been dedicated through the Economic Investment Plan for the region.

So far, the EU has approved programs for the collection of up to 17.5 billion euros of investments within the Economic and Investment Plan, including 5.4 billion euros in the form of EU grants./ REL