New EU economic and investment plan for the Western Balkans
The objectives of the new plan are economic support and investment in the Western Balkans region
On the October 6, the European Commission adopted a comprehensive Economic and Investment Plan for the Western Balkans, which aims to spur the long-term economic recovery of the region, support a green and digital transition, foster regional integration and convergence with the European Union.
The Economic and Investment Plan sets out a substantial investment package mobilizing up to EUR 9 billion of founding for the region. The Economic and Investment Plan identifies 10 leading investment objectives and aims to encourage long-term recovery, accelerate the green and digital transition and maintain regional cooperation and harmonization with the EU. According to the expectations, support through the new Instrument Guarantee for the Western Balkans, can obtain up 20 billion euros in the next 10 years.
In the coming period, it is expected that information will be published regarding the process of obtaining funds and support in accordance with the adopted plan, about which we will inform you in a timely manner.
Support and investments in the following areas are envisaged:
- Sustainable transport;
- Clean energy;
- Digital future;
- Private sector;
- Human capital;
- Environment and climate;
In parallel with the Economic Investment plan to support the region, the European Commission presented guidelines for the implementation of the Green Agenda in the Western Balkans, which are expected to be adopted at the Western Balkans Summit in Sofia in November 2020.
It foresees activities related to climate (including decarburization, energy and mobility), circular economy (addressing in particular waste, recycling, sustainable production and efficient use of resources), biodiversity (aiming to protect and restore the natural wealth of the region), fighting air, water and soil pollution and sustainable food systems and rural areas.
Digitalization will be the key that will enable the abovementioned five pillars in line with the concept of double green and digital transition.
If you are interested in additional information, please contact the expert team for incentives, in the Sector for Tax Consulting:
Pavle Kutlešić, LL.M.
tel: + 381(0)65 2443120
Dr Marko Novaković., LL.M.
Tel: + 381(0)60 567 8118