Growth plan, how is the EU's 1 billion euros allocated for 3 years? - 5 sectors that benefit. From businesses to strengthening human capital
Albania will benefit from nearly 1 billion euros by 2027 from the European Union as part of the Growth Plan for the Western Balkans, which will go towards implementing several reforms in several areas.
The disbursement of European Union support will be conditional on measurable progress in implementing the reforms envisaged in the Agenda.
Specifically, the total value that our country is expected to benefit from, in principle, for the period 2024–2027, totals 922 million euros (grants and loans), payments conditional on the implementation of key reforms as defined in each country's National Reform Agenda.
Divided into specific sectors, the bulk of the funds go to justice reforms, approximately 267.7 million euros.
Improving the business climate also takes on particular importance with regard to grant and loan funds, amounting to 209 million euros.
In conditions where Albania is experiencing increasing emigration and businesses are facing labor shortages, 189.5 million euros have been programmed to strengthen human capital.
The energy sector and the green transition have taken on particular importance for the European Union, an area in which approximately 127.8 million euros will be spent over 3 years.
Likewise, the rapid development of technology requires more investments to adapt to new demands from the labor market and new professions, an item on which approximately 127.8 million euros will be spent.
The terms of payment will be determined based on the completion of qualitative and quantitative milestones, according to the time frames set for each country and for each reform, which aim to stimulate growth and place beneficiaries on a sustainable convergence path, to orient them towards specific reforms related to the foundations of enlargement, a process that includes, among others, the rule of law, the fight against corruption and organized crime.
Macrofinancial stability, sound management of public finances, transparency and budget oversight are general conditions that must be met for payments and the release of funds.
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