The aim is to basically enable partners in the region to step up reforms and investments to accelerate the speed of the enlargement process and the growth of their economies.

This Plan should provide up to €2 billion in grants and €4 billion in loans to the EU's six partners in the Western Balkans between now and 2027. Payments will happen only after the fulfilment of agreed reforms.

The Plan is based on four main pillars:

1. Enhancing economic integration with the EU’s single market, subject to the Western Balkans aligning with single market rules and opening the relevant areas to all their neighbours at the same time, in line with the Common Regional Market. The key areas are free movement of goods, services and workers, the single euro payments area, transport, energy and the digital single market;
2. Boosting economic integration within the Western Balkans through the Common Regional Market, based on EU rules and standards, which could potentially add 10% to their economies;
3. Accelerating fundamental reforms, supporting the region’s path towards EU membership, improving sustainable economic growth, including through attracting foreign investments, and strengthening regional stability;
4. Increasing financial assistance to support the fundamental reforms – the €6 billion instrument consists of €2 billion in grants and €4 billion in concessional loans, with payment conditioned on the Western Balkans' partners fulfilling specific reforms.

The Growth Plan builds on the €30 billion Economic and Investment Plan, launched successfully back in 2020.

Upon the publishing of the regulation on establishing the Plan in the EU Official Journal, the six Western Balkans partners will be invited to submit their individual reform agendas laying out the socio-economic and fundamental reforms they will undertake to spur growth and convergence under the Growth Plan during the period 2024-2027.

Economic convergence is an essential element in getting the Western Balkan countries closer to the EU. Currently, the average GDP per capita of the region stands at between 30% and 50% of the EU average.

Integration with the EU's single market has been the main driver of economic growth for all countries that joined the EU – the positive impact on a country's GDP and income levels that arise from the integration with the EU's single market has been clearly demonstrated in the past.

In January 2024, Western Balkan leaders met in Skopje - in joint conclusions, they reaffirmed their commitment to seize the opportunities offered by the Growth Plan.