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Illustration, Photo: Shutterstock
The European Commission today adopted a comprehensive Economic and Investment Plan for the Western Balkans with the aim of fostering the region’s long-term economic recovery, supporting the green and digital transition, and supporting regional integration and convergence with the EU.
The EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Joseph Borrell, declared that the citizens of the Western Balkans are part of Europe and that it is in the common interest of the EU to help six partners move forward towards the Union.
“Through the economic and investment plan, we actively support evaluations of our Expansion Package, providing deep and robust support for economic recovery and reform, with a view to modern, green and prosperous Western Balkans that deliver more to their citizens on the way to the EU, “he said. this was announced by the EU Delegation in Bosnia and Herzegovina.
Introducing the new plan, EU Neighborhood and Enlargement Commissioner Oliver Varheji noted that up to € 9 billion in funds will be raised for leading investments in the fields of transport, energy, green transition and digital, in order to to achieve long-term growth and new jobs.
The plan also paves the way for successful regional economic integration in order to accelerate mutual rapprochement with the EU and close the development gap between “our regions, and finally accelerate the EU integration process. Implementation, of course. It will have to go hand in hand with reforms, “he said. .
The economic and investment plan determines a significant investment package within which, with nine billion euros for the region, will be used to support sustainable connectivity, human resources, energy, the green transition and digital transformation, he announced the EU Delegation in Bosnia and Herzegovina.
Together with the Economic and Investment Plan to support the region, the Commission presented guidelines for the implementation of the Green Agenda for the Western Balkans, which is expected to be adopted at the Western Balkan Summit in Sofia in November.
The plan identifies ten leading investment projects to support the region’s main road and rail connections, renewable energy and coal switches, rebuild public and private facilities to increase energy efficiency and reduce greenhouse gas emissions, infrastructure waste and sewage management, and the introduction of broadband. infrastructure.
Other flagship projects include increased investment in the private sector to strengthen competitiveness and innovation, especially for SMEs, as well as the Youth Guarantee Fund.
In addition to significant EU grants for the region, the EU can offer guarantees that help reduce the costs of financing public and private investment and reduce risk for investors.
Support through the Western Balkans Guarantee Fund of the EU External Action Guarantee Fund and the European Fund for Sustainable Development Plus is expected to generate potential investments of up to € 20 billion over the next decade, according to the release.
The investment package will be a key factor in allowing greater public and private investment in the region than European and international financial institutions.
“Better connecting the Western Balkan economies within the region and with the Union requires a greater commitment from the Western Balkans to key reforms, deepening regional economic integration and establishing a common regional market based on the legal legacy of the EU, to make the region a more attractive area for investment. ” statement.
The EC has supported the efforts of the authorities in the region to develop a new vision for the establishment of a regional economic area that is expected to receive support at the next summit in Sofia in November 2020.
“Good governance is the foundation of sustainable economic growth. Therefore, stronger investments and economic growth are possible only with a firm commitment to the Western Balkans and the implementation of key reforms in line with European values,” the statement said. .
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