SARAJEVO, Dec. 4 (Xinhua) -- The European Commission has approved Bosnia and Herzegovina's (BiH) Reform Agenda, paving the way for the country to access up to 976.6 million euros (1138 million U.S. dollars) under the EU's 6-billion-euro Growth Plan for the Western Balkans, the European Union (EU) Delegation to BiH said Thursday.
The Commission concluded that BiH's Reform Agenda meets the objectives of the plan's financial instrument, which aims to accelerate the green and digital transition, support private-sector growth, and strengthen fundamental rights and the rule of law. It noted, however, that BiH must now sign and ratify both the Instrument Agreement and the Loan Agreement before any funds can be released.
The Reform Agenda includes investments in the motorway Corridor Vc, railway modernization, energy and transmission infrastructure, and digitalization.
BiH's Council of Ministers adopted the agenda on Sept. 30, meeting a deadline set after the country's initial allocation was reduced by 10 percent due to delays. For nearly two years, political disagreements over competencies and reforms between state institutions and subnational entities and cantons - including in education, social policy and labor-market legislation - had prevented adoption of the agenda. BiH had already forfeited 108 million euros in July 2024 after missing an earlier deadline, with those funds reallocated to other Western Balkan partners.
Under the EU's Growth Plan adopted in 2023, 4 billion euros are available as favorable loans and 2 billion as grants. Serbia, Albania and Montenegro have already received early disbursements.
All projects must be completed by 2027, with no extensions to the deadline, the EU said. (1 euro = 1.16 U.S. dollar) ■