Today, the European Council in Brussels officially sanctioned the establishment of the “Reform and Growth Facility for the Western Balkans,” marking a significant stride in bolstering ties with the European Union and fostering economic advancement in the region.
As announced by the Council, this facility will serve as the cornerstone of the growth strategy for the Western Balkans, spanning from 2024 to 2027. It is slated to allocate up to two billion euros in grants and four billion euros in loans to the six European Union partners in the Western Balkans over the forthcoming years.
The primary objective of this facility is to facilitate the harmonization of Western Balkan partners with EU values, laws, regulations, standards, policies, and practices, paving the way for their eventual accession to the Union. Additionally, it aims to facilitate their progressive integration into the EU’s single market and foster socio-economic convergence with EU member states.
The facility is designed to support a broad spectrum of social, economic, and foundational reforms, encompassing initiatives pertaining to the rule of law and fundamental rights. To qualify for assistance under this facility, each regional partner must formulate a comprehensive reform agenda delineating the reforms they intend to undertake in alignment with the facility’s objectives.
