BAKU, Azerbaijan, February 24. In 2024, the European Investment Bank Group (EIB Global) allocated 693 million euros in loans and grants to the Western Balkans to support energy security, sustainable transport, climate action, and development in digital and human capital sectors, Trend reports.
Of this amount, 527 million euros was in loans, 164 million euros in EU grants under the Western Balkans Investment Framework (WBIF), and 2 million euros in grants from the EIB’s Economic Resilience Initiative.
Sustainable transport received the largest share of financing (43%), followed by clean energy projects (31%) and the private sector (20%).
EIB Vice-President Robert de Groot emphasized the bank's commitment to assisting the region’s EU integration, highlighting the need for reforms and investments to support economic growth and market integration. The EIB’s latest efforts include promoting green transitions and energy security.
In the energy sector, the bank provided 213 million euros for projects like hydropower plant rehabilitation and the construction of a large solar photovoltaic plant near Pristina, Kosovo. This plant is expected to power over 29,000 households and reduce CO2 emissions by 174,000 tons annually.
The EIB also supported the Greening Financial Systems (GFS) advisory program in North Macedonia and Albania to improve climate risk management in banks and stimulate green investments. Additionally, it provided technical assistance to several projects under the WBIF and JASPERS advisory program.
For transport, the bank allocated 295 million euros to projects including railway improvements in Albania and Montenegro, which will enhance regional connectivity and promote sustainable mobility. A 79 million euro EU grant was also signed for the construction of a section of Corridor Vc in Bosnia and Herzegovina.
The EIB’s investments in local companies, amounting to 151 million euros, are aimed at creating jobs and driving innovation and clean energy projects. Through the EU’s “WB EDIF Guarantee Facility for SME Resilience,” the EIB expects to unlock over 750 million euros in loans to sustain around 180,000 jobs across 13,000 small businesses in the region.