Brussels, 4 April 2024 (MIA) - The Council presidency and the European Parliament have reached a provisional agreement on setting up a Reform and Growth Facility for the Western Balkans within the Growth Plan for the Western Balkans presented by the Commission in November 2023, MIA reports from Brussels.

The Facility will cover the period from 2024 to 2027 and is expected to provide up to EUR 2 billion in grants and EUR 4 billion in loans to the EU's Western Balkan partners, including at least EUR 800 million to North Macedonia.

The Facility will complement the existing Instrument for Pre-accession Assistance (IPA III), considerably increasing financial assistance to partners in the region, the Council said in a press release.

The Facility will support the EU's Western Balkan partners in undertaking EU-related reforms and stimulate their economic convergence with the EU, based on ambitious reform agendas. The Facility will also promote partners’ alignment with the EU values, laws, rules, standards, policies and practices with a view to future EU membership.

The provisional agreement will now need to be endorsed by the Council and Parliament with a view to formal adoption by both institutions following legal-linguistic revision.

MIA file photo