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The EU's 6 billion Euros are ready, but Albania must deliver projects and fight corruption

2024-02-29 13:45:18Politikë SHKRUAR NGA REDAKSIA VOX
The EU's 6 billion Euros are ready, but Albania must deliver projects and
Edi Rama

According to a report by the European Bank for Reconstruction and Development, the Balkans will need 40 to 70 years to reach the living standards of the European Union. To reduce this time, on November 8, 2023, the European Commission approved a new Economic Growth Plan for our region.

Brussels says the growth plan has the potential to double the size of the Western Balkans economies within the next 10 years. It is intended to promote countries for EU membership and the need to accelerate the necessary economic reforms and strengthening the rule of law.

In this regard, the EU has made available a fund of 6 billion euros for the period 2024-2027. The fund consists of 2 billion euros in grants and 4 billion euros in loans, which are disbursed to the applicant countries on the condition of fulfilling the socio-economic reforms required by the EU.

Grants will be provided through the Western Balkans Investment Framework, 2 billion euros will be long-term loans and one billion euros will be medium-term loans. The figure will be divided for the six countries of the Western Balkans based on the number of their population and their gross domestic product.

The EU has conceived access to these funds as a competition between countries. Those countries that present serious projects for investment and where the anti-corruption performance in the implementation of these projects is better will attract more money.

Another condition is macro-financial stability, sound management of public finances, transparency and budget supervision. In case the payment conditions are not met, the Commission will suspend or reduce the payment. The penalized country will have one to two years to comply, otherwise the amount will be redistributed to other countries.

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