UK announces $5B support package to boost British exports, investment in Western Balkans

By Talha Ozturk

BELGRADE, Serbia (AA) – The UK government on Monday announced a new support package of energy and infrastructure to boost British exports and investment in the Western Balkans.

The new package aims to boost prosperity and jobs in the Western Balkan region and in the UK with up to £4 billion ($5.07 billion) in export finance.

The support will come alongside £10 million ($12.68 million) to accelerate the region’s green transition.

The announcement came at the European Bank for Reconstruction and Development in Western Balkans’ investment summit in London.

According to the bank statement, the UK will commit additional funding of £4.2 million ($5.33 million) to accelerate the transition away from coal and develop wind power to support many of the countries in the region to end dependence on Russian energy supplies, as the region looks to decarbonize.

“By strengthening investment today, the UK is boosting the livelihoods of people across the Western Balkans, providing a longer-term solution in addressing drivers of illegal migration alongside the progress the UK government is making to disrupt the work of people smugglers,” said Security Minister Tom Tugendhat during the summit.

Tugendhat held a series of meetings with the leaders of Serbia, Kosovo, and Montenegro on the margins of the summit.