Shorouk Express
BAKU, Azerbaijan, January 26. 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.
