The European Commission stated on Thursday it will mobilize 1 billion euro energy support package in the format of EU grants to the countries of the Western Balkans, according to See News.
The financial package should help the Western Balkans build resilience in the short and medium term while addressing the repercussions of the energy crisis, the Commission said in a statement.
In the immediate term, the EU’s executive body plans to provide 500 million euro to help households and small and medium-sized businesses shield themselves from the effects of rising energy prices. This funding will be approved in December and made available in January.
Over the short and medium term, the Commission intends to provide a further 500 million euro to boost energy diversification, production of renewable energy, and gas and power linkages through the Western Balkans Investment Framework (WBIF), an EU-led multi-donor investment platform.
In February, the European Commission said it will mobilise 3.2 billion euro in funding to back 21 transport, digital, climate and energy connectivity projects in the six Western Balkans countries which are expected to start with implementation by the end of 2023.