The UK government will boost British exports and investment to
the Western Balkans with up to £4bn 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 will use the summit at Lancaster House in
London – attended by three Western Balkan Prime Ministers from
Montenegro, 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 also pledge up to £4 billion to boost
British exports to the region 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 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, 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 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.
