Vice-President Kakouris at the 5th EU Western Balkans Summit

Excellencies, ladies and gentlemen,

On behalf of EIB – the EU Bank - I am very pleased to participate in today’s EU Western Balkans Summit alongside all of you.

Important decisions are expected to be taken in the coming days on how to advance accession process and how to ensure even greater EU support. Today’s meeting again shows that the European perspective of this region is beyond doubt, as is our collective determination to ensure the convergence of the region with the European Union.

The successful history of the various waves of enlargement of the EU has demonstrated the power of the accession process to accelerate the economic convergence. 

So what is the role of the EIB in this process?

You all know that the EU Bank was created 65 years ago to serve as an instrument to deepen European economic integration and during this time has provided financial resources and technical expertise to all acceding countries.

Today - under our dedicated arm, EIB Global - we are as committed as ever to supporting the enlargement process – as it would be decided by our political leaders. 

Since 2009, the EIB has provided over €11 billion in public and private sector investment finance in the Western Balkans across various sectors, including  inclusive finance for SMEs - investments that link the region physically and economically with the EU and boost convergence. 

In line with our Climate Bank Roadmap, we are working across the region on the deployment of clean energy - particularly wind and solar, sustainable transport, water management. And our efforts are paying off. Of the €1.68 billion financing we have signed for the region since 2022 over 62% is designated as climate action financing. Indeed, in spite of much uncertainty, the EIB has been able to steadily increase the volume of our loans and grants across all sectors and throughout the region.

In November this year together with the European Commission, we announced  a continuation and expansion of EIB advisory services under the JASPERS programme in the region, totalling €20 million. This will support the EU enlargement process by helping the countries prepare vital strategies, plans and investments including those under the EU’s Economic and Investment Plan, while strengthening project preparation and implementation capacities to accelerate roll-out.

Our modus operandi remains to work in close cooperation with the countries of the region, the European Commission, fellow international financial institutions (IFIs) and EU Member States, particularly through the Western Balkan Investment Framework. 

Like all of us here tonight, we don’t underestimate the many challenges faced by the region. Reforms and strategic investments need to be accelerated and we believe that the EC’s ambitious New Growth Plan can provide a much-needed impetus.

In this context, the EIB will continue to support important regional initiatives such as the Green and Digital Agenda and the Common Regional Market.  These will result in greater connectivity, a smoother green transition, benefiting fully from the digital agenda, strengthening education and health systems and boosting private sector development. 

Going forward, we are determined to ensure a sustainable future for people in the EU enlargement countries, helping them advance with reforms, economic growth and climate action by intensifying further our comprehensive mix of lending, blending and advisory services with more EIB experts on the ground.

Ladies and gentlemen, our joint work to date and our pledge to intensify this cooperation in the future is tangible evidence of the EU’s commitment to the Western Balkans and our collective desire to expedite the Western Balkans accession to the EU.

I am convinced that together we will continue to generate positive social impact and economic benefits to citizens.

Thank you.