BAKU, Azerbaijan, December 31. In close cooperation with the European Commission, the EIB has signed financing packages worth over 1.5 billion euros to modernize railway sections in Serbia, North Macedonia, Montenegro, and Albania, said Damien Sorrell, EIB Head of the Regional Hub for the Western Balkans, in an interview with Trend.
He highlighted the bank's substantial investment in the modernization of key infrastructure in the region.
"We are also financing the rehabilitation of road infrastructure in Serbia and the improvement of inland waterway navigation along the Rivers Sava and Danube," Sorrell explained. He noted that these projects are part of the EU’s broader strategy to enhance connectivity across the Western Balkans.
The EIB’s largest transportation project in the region, however, is the construction of the motorway along Corridor Vc in Bosnia and Herzegovina. "So far, we have committed over 1 billion euros into new sections, complemented by EBRD loans and over 800 million euros in EU grants," said Sorrell. "This project will significantly improve regional connectivity while enhancing road safety and economic growth".
In the energy sector, the EIB is focusing on both new and existing projects to boost renewable energy production and modernize infrastructure. "Alongside financing new renewable energy projects, we are supporting the modernization of existing facilities to enhance their efficiency, reliability, and capacity," Sorrell stated. He also emphasized the bank’s commitment to a just transition away from coal, particularly in regions heavily reliant on the industry. "We aim to ensure positive socio-economic outcomes for the workforce, economy, and environment," he added.
The EIB’s priorities in the Western Balkans are in full alignment with the EU’s goals, the bank's representative noted. "In the Western Balkans, the bank’s focus is on supporting connectivity, renewable energy capacities, climate resilience, private sector, and human capital development," he explained. These initiatives are in line with the EU Growth Plan, which seeks to strengthen regional market integration as a key condition for joining the EU single market.
As an EU institution, the EIB is guided by EU policies and strategies in all its activities. "Through the projects we finance, we help the region align with EU standards, demonstrating our unwavering support for past enlargement waves and the current momentum towards accession," said Sorrell. He added that the bank’s regional hub in Belgrade, along with local offices in Sarajevo, Tirana, and Skopje, provides crucial support to partners on the ground.
"I am delighted to see the region's progress under the Team Europe approach and in fruitful collaboration with all our international and local partners," Sorrell concluded, reflecting on the successful partnerships that have been key to the region’s development.
