In 2024, the European Investment Bank Group (EIB Global) financing for new projects reached €693 million in loans and grants for the countries of the Western Balkans for energy security, sustainable transport, climate action, digital and human capital development.
Out of these funds, €527 million have been signed in loans, €164 million in EU grants under the Western Balkans Investment Framework (WBIF) and €2 million in grants under the EIB’s Economic Resilience Initiative. The largest share of new signatures was allocated to sustainable transport (43%), clean energy projects (31%, a record) and the private sector (20%).
“We are fully committed to supporting all countries in the region on their path to EU integration” remarked EIB Vice-President Robert de Groot. “Achieving higher convergence requires significant reforms and investments, which is why combined financial and technical support under the Team Europe umbrella provides a coherent, continuous and extensive support. The latest Growth Plan exemplifies initiatives that can accelerate market integration, economic growth, and EU accession ambitions.”
Supporting energy projects
In the energy sector, the Bank provided €213 million in loans for projects such as the rehabilitation of several large hydropower plants and the installation of advanced electricity meters in Serbia, as well as the construction of one of the largest solar photovoltaic plant near Pristina in Kosovo. The plant will address the energy needs of over 29 000 households and cut 174 000 tonnes of carbon dioxide emissions annually.E
“As the EU Climate Bank, we have intensified our efforts to promote a green transition in each and every country and are steadfast in our commitment to support the decarbonisation of regional economies to ensure energy security and reduce environmental pollution,” said Vice-President De Groot.
The bank also made available the Greening Financial Systems (GFS) advisory programme in North Macedonia and Albania to enhance national and local banks’ climate risk management practices and stimulate green investments among companies. Several EIB-financed projects benefited from technical assistance under the WBIF and the Joint Assistance to Support Projects in European Regions (JASPERS) advisory program. Since the signing of its third mandate in autumn 2023, JASPERS experts have been working on 32 advisory assignments across the Western Balkans, covering transport, water, energy, urban, and digital sectors.
Advancing sustainable connectivity
In 2024, EIB Global continued to support the transport sector with €295 million in new financing, for projects such as the rehabilitation of railway sections in Albania and Montenegro. These infrastructure improvements along the extended Trans-European Transport Network (TEN-T) will increase railway capacity, efficiency, and safety, promoting a shift from road to sustainable mobility and generally improve regional connectivity. The bank signed a €79 million EU grant for the construction of the section on the Corridor Vc in Bosnia and Herzegovina.
Driving job creation and climate action among regional companies
The bank invested €151 million to support the expansion of, and investments in innovation and clean energy projects among local companies, creating employment and economic growth in the region. Thanks to the first impact-based credit line, small businesses in the region have created new jobs, training and career development opportunities for people from vulnerable groups. In addition, under the EU’s “WB EDIF Guarantee Facility for SME Resilience”, the European Investment Fund, part of the EIB Group, provided guarantees to local banks, which are expected to unlock over €750 million worth of loans to some 13 000 small businesses, sustaining around 180 000 jobs.