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Albania received the pre-financing anticipated within the framework of the EU Mechanism for Reforms and Growth. It is part of the Growth Plan for the Western Balkans, which aims to accelerate the socio-economic convergence of the region with the EU and pave the way towards EU membership.
In a media announcement, the European Union office in Tirana announced that the pre-financing, amounting to 64.5 million euros, will support the implementation of the Reform Agenda within the framework of the Mechanism for Reforms and Growth as well as the commitments Albania has made with it.
With this pre-financing, Albania received 30 million euros in concessional loans for the state budget as support for the implementation of reforms within the country’s Reform Agenda. The remaining pre-financing of 34.5 million euros in grants and concessional loans will be directly injected 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 achieve this goal and brings the Albanian economy closer to that of the European Union before Albania becomes a member. We are supporting Albania in consolidating its rule of law, developing its infrastructure, green economy, human capital, and private business. Europe is here to support sustainable growth and social cohesion as Albania prepares to enter the EU single market,” said the EU Ambassador, Silvio Gonzato.
“We consider this as a clear sign of trust from the EU in Albania’s reform path and its steady progress towards membership in the European family. We fully understand the magnitude of this historic opportunity, as well as future commitments, and we are energetically motivated and prepared to continue reforming and diligently meet the criteria for Albania’s membership in the European Union,” said the chief negotiator Majlinda Dhuka.
By the year 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 within the Mechanism will be made upon the completion of reform steps agreed upon between the Commission and the Albanian Government in the Reform Agenda. As Albania advances with the implementation of the Reform Agenda, the EU will unlock payments.
The Western Balkan Growth Plan offers 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, as well as supports further regional economic integration.
The Growth Plan provides an additional 6 billion euros of financial assistance to support socio-economic and fundamental reforms, as well as relevant investments. Payments are conditioned on achieving the reforms specified in the Reform Agendas prepared by each beneficiary.
The European Commission is currently working on evaluating the first set of reform steps. Meeting these steps will entitle Albania to receive the corresponding disbursement within the Mechanism./ (March 25)