The European Commission proposed on Wednesday €6 billion ($6.4 billion) in funding for grants and loans aimed at accelerating economic growth in the Western Balkans region.
The €2 billion in grants and €4 billion in loans should help bring "the Western Balkans economies closer to the EU," European Commission President Ursula von der Leyen said.
The money is meant to finance reforms and align the region's economies better with the EU's single market and help the region to get closer to joining the EU.
This could happen through improvements in the free movement of goods, services and workers, better access to payments in euros, improved road transport or integrating energy markets, the commission said.
The changes could double the economies of Albania, North Macedonia, Montenegro, Serbia, Bosnia-Herzegovina and Kosovo within ten years, von der Leyen said.
The average gross domestic product (GDP) per capita in purchasing power in the Western Balkans stands between 30% and 50% of the EU average, the commission said.
"Currently, the level of convergence between the Western Balkan partners and the EU is not progressing fast enough," a press release said.
EU capitals and the European Parliament still need to approve the fund.
