The EU is offering Western Balkan countries seeking to join the bloc €6 billion ($6.4 billion) in financial aid to carry out reforms and stimulate growth.
The money is to encourage Albania, Bosnia-Herzegovina, Montenegro, Serbia, North Macedonia and Kosovo to implement comprehensive reforms, ensure respect for the rule of law and fundamental rights as well as boost their economies, a statement said.
The money is to be mobilized through a "Reform and Growth Facility," with up to €2 billion available in the form of grants and up to €4 billion in the form of loans for the period 2024-27.
All disbursements are to be linked to strict conditions with regard to the realization of reforms, according to a statement.
The EU plans to accept the Western Balkan countries as new members at some point in the future, but the situation has become more complicated since the outbreak of war in Ukraine and the Middle East crisis.
The EU said recently that these jeopardize European and global security and highlight the importance of the strategic partnership between the EU and the Balkans.
Of the six Western Balkan states, only Kosovo is not a candidate. The EU has been conducting accession negotiations with Montenegro since 2012 and Serbia since 2014.
It remains unclear how long it will take from the start of talks to EU accession. Turkey became an EU candidate in 1999 but has never been further from membership.