The European Commission on Wednesday proposed a new €6 billion Growth Plan for the Western Balkans with the aim, it said, "of bringing some of the benefits of membership to the region in advance of accession."

“The potential of this Growth Plan is extraordinary. This Growth Plan could double the economy of the Western Balkans in the next 10 years. With its combination of reforms and investments, it will allow the Western Balkan to benefit soon from key areas of our single market, including the free movement of goods, services and workers, the single euro payments area, transport, energy and the digital single market,” Commission President Ursula von der Leyen said.

The Reform and Growth Facility for the Western Balkans for the period 2024-2027 amounts to €6 billion, of which €4 billion in grants and €4 billion in favourable loans. Payments will happen only after the fulfilment of agreed reforms.

The new Growth Plan envisages enhancing economic integration with the EU's single market, “subject to the Western Balkans aligning with single market rules and opening the relevant sectors and areas to all their neighbours at the same time, in line with the Common Regional Market,” the Commission said.

Boosting economic integration within the Western Balkans through the Common Regional Market, based on EU rules and standards, could potentially add 10% to their economies and help accelerate fundamental reforms, support the countries’ path towards EU membership, attract foreign investments and strengthen regional stability.

It is now up to the European Parliament and the Council to adopt the proposal in the framework of the Multiannual Financial Framework mid-term review package. Once adopted, the six Western Balkans countries will have to submit their individual reform agendas to be evaluated by the Commission.