Support for reforms, 657 million euros from the EU - Loan Agreement, for approval in the Parliament
The loan agreement between Albania and the European Union, to facilitate reform and enlargement for the Western Balkans, has been submitted to the Parliament for ratification, a fundamental step in the country's EU integration process.
This agreement will enable the financing of the program, through the granting of a loan worth 657.5 million euros accompanied by a grant in the amount of 264.6 million euros.
Referring to the report, the overall objective of this program is to unleash the country's economic potential, through stimulating economic transformation and improving the business climate, to gradually and preparedly enter the EU single market, through strengthening the rule of law, with continued progress in accelerated integration, consolidating the effectiveness of reforms and making steady progress in fulfilling the criteria for membership in the European Union.
It is also emphasized that these funds will help accelerate reforms, including strengthening the rule of law, improving the business climate and increasing economic competitiveness. It is further expected that investments supported by these funds will contribute to the digitalization of society, the consolidation of energy sustainability and the development of human capital through reforms in education and the labor market.
European integration is the most important political and strategic goal of the Republic of Albania and its legal, economic and institutional systems. The vision and national strategic objectives for European integration are defined in the National Strategy for Development and European Integration (NSDEI) 2022-2030, where the primary goal of national policy is the country's European integration.
Meanwhile, on November 8, 2023, within the framework of the 2023m enlargement package, the European Commission launched the initiative to propose a New Growth Plan for the Western Balkans, part of which is support through the "Western Balkans Reform and Growth Facility" instrument. This new development initiative will offer the opportunity for financial support, up to 6 billion euros for the period 2024-2027, for the six Western Balkan countries.
Meanwhile, the ratification of this agreement is seen as an essential step on the path towards European integration.
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