EIB Global Invests Record-Breaking EUR 1.2 Billion in Western Balkans in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities outside the European Union, invested a record-breaking EUR 1.2 billion across the Western Balkans in 2023 (EUR 365 million more than in 2022), the EIB announced.

The investments went to sustainable and energy transition projects that support the region’s EU accession, economic, climate and connectivity efforts, the press release says.

– The funds support projects under the Economic and Investment Plan and the Global Gateway initiative, strategic EU instruments to bridge the existing infrastructural gaps and improve living standards. In close cooperation with the European Commission, we are pleased to provide an impressive EUR 475 million in grants under the Western Balkans Investment Framework and the EIB’s Economic Resilience Initiative – said Kyriacos Kakouris, EIB Vice-President responsible for the region.

As specified, the largest share of new funds (58%, EUR 693 million) has been allocated to safer, sustainable transportation, namely railway lines in Serbia (Belgrade-Niš) and North Macedonia (Kriva Palanka-Bulgarian border).

The EU bank signed additional funding for the modernization of urban transport in Sarajevo and a road rehabilitation and safety project in Serbia.

EUR 275 million (23% of total financing in 2023) was devoted to supporting small and medium businesses (SMEs) in the Western Balkans.

The remaining funds will go to energy, water, healthcare and education projects.

European Commission

EIB Global

European Investment Bank

EIB

European Investment Fund

EIF

North Macedonia Development Bank

Western Balkans

Kyriacos Kakouris

small and medium enterprises

JASPERS

WBEDIF

COP28