UK announces new support to boost British exports and investment in the Western Balkans
The UK government has outlined a package of energy and infrastructure support to boost trade and drive investment between the UK and the Western Balkans.
- the UK government will boost British exports and investment to the Western Balkans with up to £15.75 billion available to the region in export finance
- comes alongside £10 million to accelerate the region’s green transition
- combined support will boost prosperity and jobs both in the region and the UK
At the European Bank for Reconstruction and Development Western Balkans investment summit in London today (Monday 26 February), the UK will outline a package of energy and infrastructure support to boost trade and drive investment between the UK and the Western Balkans, creating jobs and supporting livelihoods across the countries.
Security Minister Tom Tugendhat will use the summit at Lancaster House in London – attended by 4 Western Balkan Prime Ministers from Montenegro, North Macedonia, Serbia, Kosovo and UK business leaders – to highlight potential business opportunities in the region. Trade between the UK and the Western Balkans region was worth £4.5 billion in 2023 and is growing.
As the region looks to decarbonise, the UK will commit additional funding of £4.2 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, building on the £1.1 million provided last year for energy security through partners including the World Bank.
The UK government will continue its commitment to driving investment into the Western Balkans with up to £15.75 billion available to boost British exports through UK Export Finance, which provides guarantees for UK companies to trade overseas with confidence. This funding is already delivering tangible benefits for the region like the £363 million for the Morava Corridor Motorway in Serbia, which will connect the industrial city of Kruševac to important regional commercial centres of Sarajevo, Bosnia and Herzegovina and the port city of Bar, Montenegro.
Against backdrop of a growing number of tensions across the region, UK programme funding will also be increased by £10 million from next financial year to support the region’s prosperity and security – from bolstering resilience against malign activity, interference and cyberattacks, to economic development and working alongside partners to tackle corruption and serious organised crime.
During the summit, Security Minister Tom Tugendhat said:
Today’s summit and announcements of extra funding demonstrates the UK’s enduring commitment to the Western Balkans and the associated opportunities to boost prosperity and jobs in the UK and the region itself.
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.
In the margins of the summit, the Security Minister will hold talks with the Prime Ministers of Serbia, North Macedonia, Kosovo and with Prime Minister Milojko Spajić of Montenegro he will reaffirm UK support for Montenegro’s aspirations for a more inclusive democracy with a strengthened rule of law.
He will also meet Albanian Deputy Prime Minister Balluku to highlight the growing UK-Albania partnership which has helped to decrease small boats crossings by Albanian nationals by 90% on last year.
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Last updated 26 February 2024 + show all updates
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Update to monetary figure - the UK government will boost British exports and investment to the Western Balkans with up to £15.75bn available to the region in export finance.
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First published.