EU approves €6 billion support plan for Western Balkans
On May 7, the Council of the European Union finally approved the Reform and Growth Facility, designed to support reforms and economic growth in the Western Balkan countries seeking EU membership.
This is stated in the message of the EU Council.
The mechanism for supporting the Western Balkan countries - namely Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Serbia, and Montenegro - covers 2024-2027, providing up to €2 billion in grants and €4 billion in loans.
The aid will be conditional on reforms to bring the economies of the Western Balkans in line with EU rules.
“The Fund will support a range of socio-economic and fundamental reforms, in particular those related to the rule of law and fundamental rights,” the EU Council said in a statement.
Separately, the Council of the European Union stated that a prerequisite for receiving assistance from Serbia and Kosovo is “their constructive engagement with measurable progress and tangible results in the normalization of their relations.”
Author - Olena Madiak, 08/05/2024
