European Commission (EC) has announced €3,3 billion of financial support mobilized jointly with European Investment Bank to the benefit of the Western Balkans’ citizens. This package aims to address the immediate health and resulting humanitarian needs of the COVID-19 pandemic as well as help with the social and economic recovery.
“In addition to the reinforced support, the Commission is in its contribution ahead of the EU-Western Balkans’ leaders meeting of 6 May 2020 also outlining the broad parameters of longer-term support to be presented later this year in the form of an Economic and Investment Plan for the region”. EC said.
President of the European Commission, Ursulavon der Leyen, said: “We have a special responsibility to assist in this pandemic our partners in the Western Balkans, as their future clearly lies in European Union. The EU is mobilising a substantial financial package, confirming the strong solidarity. Together we will overcome this crisis and recover.
“And beyond that, we will continue to support the region, including with the reforms needed on their EU path, as the recovery will only work effectively if the countries keep delivering on their commitments”, Ms Von der Leyen said.
Commissioner for Neighborhood and Enlargement, OlivérVárhelyi, commented: “The European Union acted quickly and comprehensively to support the Western Balkans in addressing the COVID-19 pandemic, with unparalleled financial assistance as well as access to many of the EU’s initiatives. And our work will continue as we prepare an Economic and Investment Plan for the region, to tackle the hard socio-economic impact of the crisis, to modernise the economies in the region, support the reforms and start closing the development gap, thus bringing concrete benefits to the people faster.”
The EU financial support package of more than €3.3 billion includes reallocations from the Instrument for Pre-Accession Assistance of €38 million of immediate support for the health sector, in particular through delivering essential supplies to save lives, such as personal protective equipment, masks and ventilators; €389 million to address social and economic recovery need sand a €455 million economic reactivation package, in close cooperation with the International Financial Institutions. It also includes a proposal for €750 million of Macro-Financial Assistance and a €1.7 billion package of assistance from the European Investment Bank.
The EU is also providing immediate humanitarian assistance to vulnerable refugees and migrants amounting to €4.5 million and €8 million to address pressing needs in migrant camps across the region.
It will also include asubstantial investment package for the region. For the 2021-2027 period, the Commission has proposed a total envelope for the Pre-Accession Instrument III of€14.5 billion, of which the lion’s share is destined for the Western Balkans. The Commission foresees a doubling in the provision of grants through the Western Balkans Investment Framework and substantially increasing the financial guarantees to support public and private investment in the region through a dedicated Guarantee Instrument under the Western Balkans Investment Framework.
