A European Union commissioner on Thursday urged the countries of the Western Balkans to create a single economic area to better feel the benefits of the bloc’s investment plans.
Oliver Varhelyi, the EU commissioner who oversees issues surrounding the bloc’s enlargement, was in Kosovo as part of a tour of the Balkans. He urged Kosovo to “speed up the reforms because these investments go hand in hand with the reform efforts.” The EU this week approved a 9 billion-euro (USD 10.58 billion) package of grants for the Western Balkan countries through 2027.
Varhelyi said they are “in coordination with our international financial institution partners to create an additional 20 billion euros (USD 23.5 billion) in guarantees for the region.” The sum would amount to a third of the region’s GDP, and the EU expects it to boost the economy by three to four percent.
“It is crucial to have a single economic area in the Balkans, because these investments will only bring the benefits if these investments work regionally,” Varhelyi said at a news conference with Kosovar Prime Minister Avdullah Hoti.