GREENLAND Kalaallit Nunaat (Denmark)
ICELAND
SWEDEN
years FINLAND
RUSSIAN FEDERATION
NORWAY
ESTONIA
SCOTLAND LATVIA
DENMARK
LITHUANIA UNITED KALININGRAD ULSTER KINGDOM (RUSSIAN FED.)
IRELAND
NETHERLANDS BELARUS POLAND WALES ENGLAND The European Investment Bank in the Western Balkans
GERMANY BELGIUM
EIB Group financing and advisoryCZECH REP. services in Albania, Bosnia and Herzegovina, LUX. the former Yugoslav Republic of Macedonia,SLOVAKIA Kosovo*, Montenegro and Serbia KAZAKHSTAN
FRANCE MOLDOVA Candidate Countries UKRAINE WesternLIECHT. Balkans AUSTRIA SWITZ. HUNGARY SLOVENIA Albania Total GDP CROATIA ROMANIA The former Yugoslav EUR Republic of Macedonia BOSNIA AND billion 85.5 HERZEGOVINA SERBIA Montenegro M.C. Serbia UZBEKISTAN Population MONTENEGRO KOSOVO* BULGARIA GEORGIA AND. ALBANIA THE FORMER million YUGOSLAV REPUBLIC 19 OF MACEDONIA PotentialTURKEY Candidate Countries ITALY AZERBAIJAN TURKEY TURKMENISTAN GREECE ARMENIA Surface Bosnia and Herzegovina PORTUGAL TURKEY 2 SPAIN 218,750 km Kosovo* *This designation is without prejudice to positions on status, and is in line with UNSCR 1244 and the ICJ Opinion on the Kosovo Independence Declaration
MALTA TUNISIA SYRIA CYPRUS IRAQ
ALGERIA LEBANON AFGH. IRAN MOROCCO New signatures in the region, 2017 EUR million 330 total financed since 2007 EUR billion 7
EIB President Werner Hoyer Foreword EIB President Werner Hoyer and Vice-President Dario Scannapieco
rom ancient times to the recent past, the Western F Balkans has been an essential part of European history. Its culture, arts and economy have contributed to shaping the face of Europe.
The European Investment Bank, which is the financial arm of the European Union, has been active in the Western Balkans since 1977. It is the largest international financier in the region. After the tumultuous 1990s in the Balkans, the EIB intensified its effort to steer the area towards European integration.
In the late 1990s, financing focused on urgent recon- struction and repairs to damaged bridges and railways, EIB Vice-President Dario Scannapieco ports, airports and roads. Year after year, we have been working with state governments, municipalities and companies in the region, as well as with the European leasing companies. Small businesses are the backbone Commission and other financing partners. We want to of the economy. Making sure they have access to credit improve people’s lives by rebuilding infrastructure and is essential for their prosperity. helping the region become more modern and self-suf- ficient. Recognising the magnitude of the challenges, the EIB launched the Economic Resilience Initiative (ERI), a Over the last decade, the EIB has expanded its lending programme that helps countries in the EU neighbour- into sectors such as health care and education while hood improve their economies and respond to the also addressing the global migration crisis. We want migration crisis. This new programme encourages to foster a skilled workforce, with talented developers, small business development and helps countries improve scientists, economists, engineers, lawyers and teachers. infrastructure.
To fight the global economic and financial crisis and We are committed to improving living conditions and to continue encouraging the recovery, the EIB has economic standards in the region. We will ensure that increased its support for small businesses and local the future of the Western Balkans is part of the future authorities through lines of credit with local banks and of Europe.
2 The European Investment Bank in the Western Balkans Introduction
ince 2010, the EIB has expanded its work in the West- Small companies are important drivers of investment, S ern Balkans into many new areas, such as health care, economic growth, and job creation. In 2017, we signed education, research and development. deals in the region worth €330 million, bringing the total amount financed since 2007 to €7 billion. We also have started helping the private sector, making foreign direct investments and offering assistance to small and medium-sized enterprises (SMEs).
EIB Activity in the Western Balkans (2007-2017)
Signatures - TOTAL 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 volume (€m) Albania 26.3 10 50.8 35 5.3 18 145.4
Bosnia & H. 251.7 280 150 72 180 206 212.7 172.5 130 1654.9
FYROM 1.4 10 100 52.34 125 110 103 45 546.74
Kosovo 10 87 10 42 149
Montenegro 3.2 50 108 49.2 18 45 7 75 50 55.5 120 580.9
Serbia 133.6 170 887.9 760.2 710.6 275 317.8 115 130 196 210 3906.1 TOTAL 426.2 597 1255.9 984.54 1033.6 671 655.8 380.5 222 426.5 330 6983 (€m)
he EIB’s regional activity follows the EU’s objective of The strengthening economy is creating more jobs in T helping the Western Balkans towards accession and the private sector. Employment has been growing rapid integration into the European Union. more than 2% yearly and the unemployment rate has come down from 20.9% in 2015 to 16.7% in 2017. Despite a challenging economic environment, GDP growth in the Western Balkans is gradually stabilizing, driven by investment and private consumption. GDP growth in the region is expected to rise from 3.1% in 1 EIB Staff calculations based on WIW database, EC forecast and IHS forecast. 2016 to around 3.6% in 2019.1
The European Investment Bank in the Western Balkans 3 GDP and Investment growth in the Western Balkans Investment acceleration, the major driver of the recent economic growth
8 Public debt and unemployment rate in the Western Balkans Declining indebtedness 2 8 0