European Parliament Approves Growth Plan for the Western Balkans

(Patria) - The European Parliament has voted for the Growth Plan for the Western Balkans, the EU's most ambitious financial package for the region to date.

517 European MPs voted in favour, 56 against, and 30 abstained, writes RSE.

The vote took place just one day before the European Parliament is dissolved as the institutions enter an election period – elections for a new parliamentary term and EU institutional leaders, which will be held between June 6 and 9 in all EU member states.

According to the text agreed upon by the European Council and the European Parliament, the countries of the region will need to meet a series of not-so-easy criteria to utilize the financial aid package.

These include basic criteria that apply equally to all member states. They relate to the rule of law, respect for democratic principles, institutional reforms, and taking necessary steps to ensure that funds are not misused.

In addition to criteria related to reforms and the rule of law, there are also those of a political nature. For Kosovo and Serbia, there is "another condition" related to progress in the process of normalizing relations.

The EU intends to double the economies of the region's countries over the next ten years with the Western Balkans Growth Plan. This plan was proposed by the European Commission in November 2023.

This is a fund of six billion euros, of which two billion are in the form of grants, and the remaining four in the form of loans with very favourable installments.

The EU's goal with this plan is to stimulate economic growth in the six countries of the region, while simultaneously supporting the reform process and thus helping these countries prepare for EU accession as soon as possible.

According to the proposal, the procedure for disbursing financial resources will be simplified, however, the criteria for obtaining these funds have been tightened.