EU to boost investment in Western Balkans

EU finance ministers have approved an investment framework for the Western Balkans that envisages additional funds for the region. The plan is expected to ease and speed up investment and credit approval for infrastructural projects. EU to boost investment in Western Balkans “It is not an increase in the amount of money, but an increase in the efficacy of investments,” explained Slovenian Finance Minister Andrej Bajuk. European Commissioner for Economic and Monetary Affairs Joaquin Almunia said that European financial institutions had “agreed to create an instrument to better prepare projects that will be financed from already existing sources.” The EU wants to achieve this efficacy by harmonizing the activities of all institutions dealing with investments and loans in the Western Balkans—from the European Commission and the European Investment Bank, through to the European Bank for Reconstruction and Development and the Council of Europe’s Development Bank. The current elaborate procedures for receiving credit from these institutions will be significantly simplified, so that countries and companies wanting to participate in projects are able to use the existing funds more easily and effectively. “The total amount of funds available will be combined, and access to them will be made easier,” said President of the European Investment Bank Philippe Maystadt. ”This kind of project could speed up investment in the region,” he added. Institutions participating in the project will form an executive board, which will convene for the first time in Brussels some time in June. In the initial stage, the spotlight will be on investment in infrastructure in the Western Balkans. In the second phase, up to 2010, small and medium-sized companies will be involved in the project.

EU to boost investment in Western Balkans

“It is not an increase in the amount of money, but an increase in the efficacy of investments,” explained Slovenian Finance Minister Andrej Bajuk.

European Commissioner for Economic and Monetary Affairs Joaquin Almunia said that European financial institutions had “agreed to create an instrument to better prepare projects that will be financed from already existing sources.”

The EU wants to achieve this efficacy by harmonizing the activities of all institutions dealing with investments and loans in the Western Balkans—from the European Commission and the European Investment Bank, through to the European Bank for Reconstruction and Development and the Council of Europe’s Development Bank.

The current elaborate procedures for receiving credit from these institutions will be significantly simplified, so that countries and companies wanting to participate in projects are able to use the existing funds more easily and effectively.

“The total amount of funds available will be combined, and access to them will be made easier,” said President of the European Investment Bank Philippe Maystadt.

”This kind of project could speed up investment in the region,” he added.

Institutions participating in the project will form an executive board, which will convene for the first time in Brussels some time in June.

In the initial stage, the spotlight will be on investment in infrastructure in the Western Balkans.

In the second phase, up to 2010, small and medium-sized companies will be involved in the project.