The EU will allocate €2 billion in grants and €4 billion in favourable loans for the Western Balkans from 2024 to 2027 under the Instrument for Pre-accession Assistance, following approval by the European Parliament during a plenary session on Wednesday.

“The Instrument is a central part of the growth plan for the Western Balkans,” co-rapporteur Tonino Picula (SDP/S&D) said during the plenary session on Tuesday.

This funding is aimed at supporting the six Western Balkan countries on their journey to European Union integration.

Introduced by the European Commission in November last year, the Instrument for Pre-accession Assistance for the Western Balkans covers the period from 2024 to 2027 and includes €2 billion in grants and €4 billion in favourable loans.

The European Parliament rapporteurs were Croatian MEPs Tonino Picula (SDP/S&D) and Karlo Ressler (HDZ/EPP).

Picula served as co-rapporteur for the EP on behalf of the Committee on Foreign Affairs, while Ressler served as co-rapporteur on behalf of the Committee on Budgets.

Ressler told Hina that this instrument is comparable to national recovery and resilience plans but is tailored for the six Southeast European countries outside the EU.

He stressed that the disbursement of funds will be tied to “precisely defined reform activities.”

Ressler added that consideration will also be given to the alignment of external, security and visa policies with the EU.

Montenegro and Serbia have been negotiating with the EU for years, and North Macedonia and Albania officially opened negotiations two years ago. EU member state leaders decided in March to open accession negotiations with Bosnia and Herzegovina. Brussels still considers Kosovo a potential candidate.