The EU has approved €64.5 million in pre-financing for Albania. This first payment, which supports the country's reforms and infrastructure, comes under the Union's Growth Plan for the Western Balkans, and aims to accelerate the region's socio-economic convergence with the EU and pave the way for EU membership.
“Congratulations to Albania on reaching another important milestone on its journey to membership in the European Union,” said EU Ambassador to Albania Silvio Gonzato in a statement on X. “The growth plan strengthens the economy, strengthens the rule of law, supports a greener Albania and empowers human capital. The EU stands by Albania on this journey towards membership.”
With this pre-financing, Albania received 30 million Euros in concessional loans for the state budget to support the implementation of reforms within the framework of the country's Reform Agenda, writes A2 CNN. The remaining pre-financing of 34.5 million Euros in grants and concessional loans will be injected directly into the WBIF (Western Balkans Investment Framework) for infrastructure investments in Albania.
"The European Union stands by Albania on its path towards EU membership. The Growth Plan helps Albania to achieve this goal and to bring the Albanian economy closer to that of the European Union before Albania becomes a member. We are supporting Albania to consolidate its rule of law, develop its infrastructure, its green economy, its human capital and its private business. Europe is here to support sustainable growth and social cohesion as Albania prepares to enter the EU single market," said EU Ambassador Silvio Gonzato.
"We appreciate this as a clear sign of confidence from the EU in Albania's reform path and sustainable progress towards membership in the European family. We fully understand the magnitude of this historic opportunity, as well as the future commitments, and we are energetically motivated and prepared to continue reforming and diligently fulfilling the criteria for Albania's membership in the European Union", said Chief Negotiator Majlinda Dhuka.
Based on the “commission” document, the six Western Balkan countries will have 6 billion euros available, 2 of which are grants and 4 are loans. The European Union estimates that by making this money available, the countries of the region could grow their economies by up to 10 percent, attracting even more foreign investment.
Until 2027, Albania has the opportunity to receive up to 922.1 million Euros in total from the Reform and Growth Mechanism for the Western Balkans in exchange for reforms in the rule of law and fundamental rights, renewable energy, digital economy, human capital and private sector development.
Future payments under the Mechanism will be made upon completion of the reform steps agreed between the Commission and the Albanian Government in the Reform Agenda. As Albania progresses with the implementation of the Reform Agenda, the EU will unblock the payments.
What is the Growth Plan?
The Western Balkans Growth Plan provides a roadmap to bring the economies of the Western Balkans closer to the European Union. It also facilitates gradual access to the single market, enabling citizens in the Western Balkans to reap some early benefits from EU integration, and supports further regional economic integration.
The Growth Plan provides €6 billion in additional financial assistance to support socio-economic and fundamental reforms and related investments. Disbursements are conditional on the achievement of reforms specified in the Reform Agendas prepared by each.
The European Commission is currently working on the assessment of the first set of reform steps. The completion of these steps will entitle Albania to receive the corresponding disbursement under the Mechanism. (A2 Televizion)
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