EU approves Balkans aid package
05/08/2009
The European commission has confirmed that financial support has been provided to the western Balkan states in order to help offset the current economic and social situation in the area.
Under the newly-approved budget, Serbia is expected to be given a total of €100 million (£85 million), while a further €85 million will be given to Balkan nations and Turkey.
Enlargement commissioner Olli Rehn explained that the support is a reflection of the part that Europe has played in encouraging growth and employment in the region over the past ten years and the benefits that it has enjoyed as a result.
He added: "Preserving the region's economic and financial stability in times of crisis is therefore a key interest for the EU."
It is expected that the funds will be used by local governments to reform the banking sector as well as encouraging competitiveness and supporting ongoing European integration.
Serbia is currently working towards full integration into the EU and the Commission recently proposes to grant visa liberalisation to the country.
Written by Dan Parr. 
