BAKU, Azerbaijan, January 12. The European Investment Bank (EIB) aims to create a more favorable financing environment in the Western Balkans through various financial instruments, said Damien Sorrell, Head of the Regional Hub for the Western Balkans at the EIB, in an interview with Trend.
Damien Sorrell emphasized the importance of well-prepared projects and strategies for accessing EU funding. He highlighted the role of JASPERS, an advisory program established by the European Commission and the EIB in 2005, which has been active in the Western Balkans since 2011.
"JASPERS experts have worked on over 100 advisory assignments in the region, resulting in improved roads and railways, better access to drinking water, clean energy, and enhanced digital infrastructure," Sorrell explained. He noted that a recent capacity-building plan for Albanian railways and the rehabilitation of Serbia’s Iron Gate I navigational lock on the Danube River exemplify the program's impact.
The EIB’s commitment to fostering regional growth also includes promoting productive investments. "To achieve this, we need further integration of both the EU and regional markets, with clear incentives that foster growth and innovation. The creation of the Common Regional Market, underpinned by the latest Growth Plan, is certainly the way forward," Sorrell stated.
Innovation remains a key priority for the EIB, which has a strong track record of supporting groundbreaking projects. "For example, we supported the first offshore wind farms when the sector was considered too risky for commercial banks," Sorrell shared. He added that the European Investment Fund (EIF), an EIB subsidiary, has backed nearly half of Europe’s unicorns, including companies like Skype and WeTransfer.
In the Western Balkans, the EIB, in collaboration with the European Commission, has implemented financial instruments to create a more favorable environment for small and medium-sized enterprises (SMEs) and to build a sustainable equity market. "Through the EIF, we are also investing in equity funds active in the region," the bank's representative noted.
Technical assistance is another pillar of the EIB’s support. Sorrell highlighted the EU for Green Agenda initiative in Serbia, which helps municipalities and companies launch innovative green projects. "This program is implemented in partnership with the European Union, the Government of Serbia, the Embassy of Sweden, and the EIB," he said.
The EIB also provides expertise through its European PPP Expertise Centre (EPEC), supporting the development of effective public-private partnerships. "We aim to help deliver better PPPs that can drive sustainable growth and development," Sorrell concluded.