Luxembourg, (MINA-BUSINESS) – EIB Global, the financial arm of the European Investment Bank (EIB) for activities outside the European Union, invested €1.2 billion across the Western Balkans in 2023, €365 million more than in 2022.

EIB stated in a press release that the investments had gone to sustainable and energy transition projects that supported the region’s EU accession, economic, climate and connectivity efforts.

EIB Vice-President responsible for the region Kyriacos Kakouris said that the funds supported 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 €475 million in grants under the Western Balkans Investment Framework and the EIB’s Economic Resilience Initiative,” said Kakouris.

At the COP28 climate change conference, EIB Global presented its new approach designed to increase financing and advisory services globally in support of a just transition and just resilience. For its initial just transition activities, the focus will be placed on Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia.

To date, the EIB Group has invested over €6 billion in the private sector in the Western Balkans.