May 7 (SeeNews) - The European Investment Bank (EIB) will provide 1.7 billion euro ($1.8 billion) to support the social and economic recovery of the Western Balkans from the coronavirus crisis as part of the 3.3 billion euro package for the region announced by the European Commission (EC) in April, it said.
To ease the health, social and economic impacts of the pandemic, the EIB will provide new financing and accelerate signatures and disbursements of approved loans to private and public sector clients in the Western Balkans, with some 600 million euro earmarked for the private sector, the bank said in a statement on Wednesday.
The set of EIB emergency measures for the Western Balkans will include the approval of dedicated new financing with more flexible terms and extended eligibilities in support of the healthcare sector and SMEs and mid-caps affected by the pandemic; the acceleration of disbursements and signature of existing transactions; the re-purposing of existing facilities to support healthcare and the private sector; the increase of the available EIB financing under a “COVID TopUp”; extended eligibilities for healthcare and civil protection projects promoted by the public sector in line with their established national strategies for Pandemic and Emergency Preparedness.
"Despite the immense challenges created by the COVID-19 crisis within the EU itself, the Union has shown its unwavering support for its partner countries and its commitment to international cooperation and coordination. The immense needs in the region can only be addressed by a team effort and EIB looks forward to contributing to the Western Balkans Investment Framework and the forthcoming Economic and Investment Plan for Recovery," EIB president Werner Hoyer said.
Last month, the EU Commission announced over 3.3 billion euro of financial support to the Western Balkans, mobilised jointly with the EIB. The financial package aims to address the region's immediate health needs arising from the coronavirus pandemic and help with its social and economic recovery.
National healthcare sectors and small and medium-sized enterprises in the region will be the immediate beneficiaries of the EU’s support package, which is also designed to strengthen the national banking sectors and provide technical assistance to realise development projects and stimulate much-needed investments.
($ = 0.925478 euro)