The European Commission said on Wednesday it adopted a new growth plan for the Western Balkans, supported by a proposed 6 billion euro reform and growth facility, aiming to advance membership benefits, spur economic growth, and help the enlargement process, according to See News.
The proposed financial package, which will comprise some 2 billion euro in grants and 4 billion euro in concessional loans, covers the period 2024-2027, with payments hinging on Western Balkans’ countries fulfilling specific socio-economic and fundamental reforms, the Commission said in a press release.
“As part of the Growth Plan, every Western Balkan partner will be invited to prepare a Reform Agenda based on existing recommendations including from the annual Enlargement Package and the countries’ Economic Reform Programmes. This Reform Agenda will be consulted with, assessed and adopted by the Commission,” the EU executive body said.
The financial package is yet to be adopted by the European Parliament and the Council.
The plan is based on four pillars: enhancing closer economic integration with the EU’s single market, boosting regional economic cooperation, accelerating fundamental reforms, and providing financial support through the proposed reform and growth facility.
“This Growth Plan could double the economy of the Western Balkans in the next 10 years. With its combination of reforms and investments, it will allow the Western Balkan to benefit soon from key areas of our single market, including free movement of goods, services and workers, the single euro payments area, transport, energy and the digital single market,” European Commission president Ursula von der Leyen said.
North Macedonia, Montenegro, Serbia, Albania, and Bosnia and Herzegovina are officially recognised as EU membership candidates. Kosovo submitted its EU membership application in December 2022.