By Cyber Era NG Special Correspondent

The IFC and the European Union (EU) have signed the first in a series of projects aimed at addressing key development issues identified under the Economic and Investment Plan (EIP) for the Western Balkans for the period 2021-2027, funded by the EU and implemented through the Western Balkans Investment Framework (WBIF). These projects will focus on the energy transition, climate change and a stronger private sector. The aim is to boost regional economic integration, support the green, energy and digital transitions, as well as necessary reforms for progress on the EU accession path.

The first project under this partnership aims to help improve the decarbonization and resource efficiency of industrial parks across the region. The preliminary diagnostics will be followed by targeted implementation of four pilot projects in industrial parks across Serbia, Bosnia and Herzegovina, North Macedonia, Montenegro, Kosovo and Albania.

The IFC, together with the World Bank, is the latest international financial institution to join the WBIF, through the creation of partnerships crucial to support the activities of the private sector in the region, address urgent development issues, create jobs and ensure long-term sustainability.

Deputy Director-General at the European Commission Directorate-General for Neighbourhood and Enlargement Negotiations and Chair of the WBIF, Katarína Mathernová welcomed the signing of the first cooperation agreement with the IFC through the WBIF. She said the following: “Today’s signing represents an important result. It formally consolidates the European Commission-IFC partnership in the Western Balkans through the WBIF and creates opportunities for public and private investment to facilitate the energy transition of major polluting business parks.”

The aim of other projects planned is to mobilize guaranteed financial instruments for quality clients in the field of agriculture, which will enable much-needed sector modernization, digital transformation and help to improve the capacities of financial institutions to respond to climate challenges, and thus have better access to micro, small and medium-sized enterprises (SMEs).

“We are proud of our strong partnership with the EU in the Western Balkans. It is a region where we see enormous potential to accelerate economic growth and improve people’s lives through strengthening the role of the private sector,” said IFC Vice President for Europe, Latin America and the Caribbean, Alfonso Garcia Mora. “Our projects under this partnership will help create investment opportunities in the region, increase competitiveness and resilience to the impacts of climate change.”

The WBIF provides combined funding for the preparation and implementation of priority infrastructure projects, including resources from the European Commission’s Instrument for Pre-Accession Assistance (IPA) and 20 bilateral donors, loans from international financial institutions and domestic financing.