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Enlargement and Eastern Neighbourhood

Publication of the Call for expressions of interest from EU/EEA/Western Balkans-based businesses to invest in the Western Balkans

1. Purpose of the Call

In the framework of the Growth Plan for the Western Balkans and to support investments in the region by EU/EEA/Western Balkans1 companies, the European Commission is launching a Call for Expression of Interest from EU/EEA/Western Balkans (WB) based businesses who seek to invest in any of the WB economies or at regional level in line with EU strategic areas of interest and policy priorities. 

The objective of this Call for Expressions of Interest is to enter into dialogue with EU/EEA and Western Balkans private companies on concrete investment opportunities and identify how to overcome related constraints in the Western Balkans region. 

This dialogue is aimed at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments. Based on assessment criteria, subsequent contact with partner Financial Institutions may be facilitated for potential financial cooperation. 

Participation in this Call does not constitute any form of partnership, joint venture, or other legal relationship between the Participant and the European Commission. It does not imply any guarantee of financial support, either from the European Commission or any partner Financial Institutions. The publication of this Call for Expressions of Interest also does not commit the EU to finance the project investment proposal.

All project proposals presented to the European Commission will be assessed based on the criteria outlined in this Call and will be treated equally, ensuring a fair and transparent assessment process. All information submitted as part of the project proposal will be treated confidentially and used solely for the purposes of evaluating the proposals in accordance with the criteria specified in this Call. 

The priority areas of the Call are based on the strategic priorities of the Growth Plan for the Western Balkans as well as of the Western Balkans Investment Framework (WBIF). They are focused on key economic sectors requiring Foreign Direct Investment (FDI) including:

  • Green Transition: Investments in clean energy solutions, including renewable energy sources, energy efficiency measures, and innovative energy technologies, to reduce dependence on fossil fuels, foster circular economy, mitigate climate change and modernise existing energy, water and wastewater treatment infrastructure, waste management infrastructure.
  • Integration into the industrial supply chains/manufacturing: Investments that foster integration into notably EU industrial supply chains and modernisation of manufacturing sectors.
  • (Critical) Raw Materials: Investments to ensure reliable and environmentally responsible access to (critical) raw materials in order to support the development of key industries across all supply chain stages.
  • Sustainable Transport: Investments to modernise sustainable transport systems, including urban mobility, and digital infrastructure to enhance connectivity, build smart cities, reduce emissions and foster innovation and cross-sector efficiency.
  • Digital transition: Investments to promote the overall digital transition of the economy (e.g. digitalisation of businesses, the roll-out of broadband - including 5G, compliant with the EU security toolbox, data infrastructures, digital infrastructures in education and health, etc.). 
  • Sustainable tourism: Investments in sustainable tourism initiatives that prioritize environmental protection, cultural and natural heritage preservation and community engagement, with the aim to promote economic growth, quality employment and social development.
  • Human Capital Development: Investments to support the development of skills and/or have a social dimension (e.g. care economy, social housing, health, etc.)
  • Impact finance: Investments to set up private equity and venture capital funds aimed at supporting policy priorities of the EU and notably to have a strong green and/or social impact.


 

([1]) This Call for Expressions of Interest is open to companies established in the European Union (EU) the European Economic Area (EEA),  and/or the Western Balkans.

Eligibility Criteria

To ensure a structured and transparent assessment, the following criteria will be used for evaluating the eligibility of project proposals:

  1. Geographic Area: Western Balkans (investments taking place in one or more of the following economies: Albania, Bosnia and Herzegovina, Kosovo*2, North Macedonia, Montenegro and Serbia).
  2. Private Sector: Eligible Participants to the Call shall be private enterprises, joint venture or a consortium of companies, possessing a valid VAT registration number and the EU Transparency registration number (note: Entities without a valid VAT registration number will be excluded from this Call for Expression of Interest). Entities listed in the Early Detection and Exclusion System (EDES)3data base are excluded from this Call for Expressions of Interest. If the project is conducted by a consortium, the consortium leader and all consortium members must be based in the EU or EEA or in one of the Western Balkans economies.
  3. Nationality of Private Entity: EU/EEA/Western Balkans-based businesses (companies possessing their real legal seat / legal incorporation in one of the EU Member States/EEA/Western Balkans economies). ‘Real legal seat’ must be understood as the place where its managing board and central administration, or its principal place of business, are located.
  4. Alignment with Policy Priorities: Projects should focus on the Western Balkans’ real economy sectors and support diversification and competitiveness of the Western Balkans in line with the priority areas outlined in the Growth Plan for the Western Balkans and in the WBIF.
  5. Minimum Investment Size: Projects must meet the following minimum investment threshold: size of the total investment project of at least EUR 10 million and equity/own resources participation by the project promoter of at least 15% of the total value of the investment project. 


 

([2])    * This designation is without prejudice to positions on status and is in line with United Nations Security Council Resolution 1244/99 and the Advisory Opinion of the International Court of Justice on the Kosovo declaration of independence

([3])    EDES - European Commission.

Assessment Criteria

The following strategic, impact and financial criteria will be used to assess the project investment proposal: 

  Strategic Criteria

  • Alignment with EU policy objectives and priority areas for investments as indicated in the Growth Plan for the Western Balkans - European Commission and in the WBIF.
  • Ownership of the company in view to support EU open strategic autonomy.
  • Compliance with EU environmental, social and governance (ESG) standards and adherence to the Do No Significant Harm Principle.

  Impact Criteria

  • Impact of the project proposal on supporting EU strategic interests, including socio-economic development and green transition, 
  • Risk assessment and mitigation measures.
  • Replicability and scalability of the project proposal.
  • Innovative features of the project proposal.
  • Market assessment and how the project proposal addresses market failures.
  • Relevant experience in the specified sector, and particularly in the Western Balkans, will be considered as an advantage.

  Financial Criteria

  • Financial viability, including financial needs and investment plans reflecting the scale and scope of the project.
  • Maturity of the proposal.
  • Investment capacity: Participants must demonstrate that they can finance through equity at least 15% of the total cost of the project. 
  • Capacity of the Participant to mobilise private capital to finance the proposed investment 

2. Submission of Projects

Interested companies are invited to submit their project proposals through the designated EU expression of interest form through the EU Survey link below. Each proposal should include the following documents:

  1. EU Transparency Register number and VAT.
  2. A two-page project fiche to be uploaded by Participants in the EU Survey, detailing the key elements of the project, including the scope, objectives, timeline, investment size, impact and expected outcomes, innovation aspects, maturity of the project, risk assessment and mitigation measures, financial structure of the project proposal, alignment with EU priorities. 
  3. A document presenting the governance and detailing the ownership structure of the company, indicating the nationality of shareholders holding more than 10% (and of its consortium members, if any).
  4. If needed, any essential additional document to ease the assessment of the project.
  5. The declaration on honour on exclusion criteria and selection criteria enclosed in the EU Survey.

Proposals, all correspondence, and documents related to this Call exchanged between Participants and DG ENEST must be written in English.

Supporting documents and printed literature provided by the Participants  in any other language must be accompanied by a legally valid translation into English. 

3. Timeline

The Call is announced at the Adria Summit, in Tivat, Montenegro, on 09/04/2025. The first phase of this Call for Expression of Interest is open for submissions until 21/05/2025 00:00 – Brussels time.

Depending on the number and scope of submissions received, the portal may be reopened for subsequent phases of submission. 

Participants may submit requests for clarification regarding this Call for Expressions of Interest in writing to: ENEST-PRIVATE-SECTORatec [dot] europa [dot] eu (ENEST-PRIVATE-SECTOR[at]ec[dot]europa[dot]eu) up to 10 days prior to the date of closure of the call. Clarifications will be published on this page. The Commission reserves the right to update the Call for Expression of Interest and its documents on the basis of the received requests of clarification. 

Eligible Participants will receive feedback on their proposal within 60 working days following the Call's closing date. The European Commission will provide information about the outcome of the assessment process and may subsequently facilitate contact with partner Financial Institutions. 

Participants will be notified of the outcome of the assessment by e-mail. The notification will be sent to the e-mail address provided in the EU survey.

4. Disclaimer

We recall that all documents in the possession of the Commission may be subject to a request for access to documents4. However, it is established practice to always consult the author of the document regarding the possibility of an eventual disclosure. DG ENEST may refuse to provide access to the submitted information, the disclosure of which would undermine the protection of commercial interests of the company, including intellectual property. 

We encourage Participants to clearly mark and explain which information they consider confidential. Please note that general statements claiming confidentiality for the entire proposal or substantial parts of it will not be considered. The EU reserves the right to make its own assessment of the confidential nature of any information contained in the proposal, always after consultation with its author.

Personal data will be processed in accordance with the applicable data protection rules and the Privacy Statement, which is available in the EU Survey.


 

([4]) Regulation (EC) No 1049/2001 of the European Parliament and the Council regarding public access to European Parliament, Council and Commission documents. 

5. Ethics clauses and code of conduct

Participants must not be affected by any conflict of interest and must have no equivalent relation in that respect with other Participants or parties involved in the project. Participants and their personnel must comply with human rights as well as environmental legislation and core labour standards. Participants shall comply with all applicable laws and regulations and codes relating to anti-bribery and anti-corruption.

 

6. Frequently Asked Questions

Purpose of the Call

  1. Does this Call lead to direct financial support (e.g., grants, subsidies, or co-investment), or whether it serves solely as a matchmaking and dialogue mechanism with potential financial institutions, without guaranteed funding?

    The objective of this Call for Expressions of Interest is to enter into dialogue with EU/EEA and Western Balkans private companies on concrete investment opportunities and identify how to overcome related constraints in the Western Balkans region. This dialogue is aimed at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments. There is no guarantee of financial support.
     
  2. The call requires equity/own resources participation by the project promoter of at least 15% of the total value of the investment project. In which form will the 85% going to be delivered - as grant, loan or others?

    The promoter of the project should present a concrete investment opportunity including the financing structure of the totality of the foreseen investment. Strategic, impact and financial criteria will be used to assess the project investment proposal.
     
  3. The Call mentions that, based on assessment criteria, subsequent contact with partner Financial Institutions may be facilitated. Could you please clarify what type of financial institutions are involved?

    As relevant, the European Commission may facilitate contact with EU and International Financial Institutions.
     
  4. What is the scope of the entire program? Will only very few cases ultimately be supported? Is there any guidance on this?

    The Call aims at building a pipeline of transformative private investments in the region, that could potentially be supported by the European Commission with its available policy, technical and financial instruments.
     
  5. What's the maximum amount per project?

    There is no maximum ceiling for the size of the investment to be submitted for the purpose of this call for expression of interest.

Eligibility Criteria

  1. What are the requirements for the company to apply to this call (i.e. size, age, historical track record)?

    The are no additional requirements to those set out in the eligibility criteria, which are the following: Eligible Participants to the Call shall be private enterprises, joint venture or a consortium of companies, possessing a valid VAT registration number and the EU Transparency registration number (note: Entities without a valid VAT registration number will be excluded from this Call for Expression of Interest). Entities listed in the Early Detection and Exclusion System (EDES) data base are excluded from this Call for Expressions of Interest. The companies must possess their real legal seat / legal incorporation in one of the EU Member States/EEA/Western Balkans economies.
     
  2. Can the consortium leader be from Switzerland?

    Companies eligible for this call are companies possessing their real legal seat / legal incorporation in one of the EU Member States, the European Economic Area (EEA) or the Western Balkans economies.
     
  3. Can there be shareholders from non-EU / EEA or non-Balkan countries among the shareholders, in addition to shareholders from Western Balkans?

    In case the project is being carried out by a consortium, the consortium leader and all consortium members must be based in the EU or EEA or in one of the Western Balkans economies. Concerning the shareholder structure, as requested in the call, a document presenting the governance and detailing the ownership structure of the company, indicating the nationality of shareholders holding more than 10% (and of its consortium members, if any) must be submitted.
     
  4. Can the investment project take place in the EU or EEA country?

    No, the geographic area eligible for this Call is for investments taking place in one or more of the following economies: Albania, Bosnia and Herzegovina, Kosovo*[1], North Macedonia, Montenegro and Serbia.
     
  5. Could you provide more clarification about offtake agreement in place?

    An offtake agreement is a contractual agreement between a producer/supplier and a buyer, where the buyer commits to purchasing a specified quantity of a future product at a predetermined price over a set period. For the purpose of the call, you are invited to explain if such agreement already exists, and if so, provide some details wherever possible.
     
  6. Does the minimum investment of EUR 10 million include the applicant equity of 15%?

    Yes, the size of the total investment project should be at least EUR 10 million and equity/own resources participation by the project promoter of at least 15% of the total value of the investment project.
     
  7. Should the 15% be pure equity or tangible asset evaluated by an official appraisal or financial instrument (mezzanine loan or bank guarantee)? Can a bank loan be considered as part of the required 15% own contribution towards the total value of the investment project?

    The call includes a requirement for equity participation by the project promoter at 15% of the total value of the investment project. In the requested two-page project fiche, the financial structure of the project proposal, including how this 15% equity participation will be met, should be detailed.
     
  8. Is it possible that the private sector proposers act in cooperation with public sector (e.g. landowners) and that the proposed projects are PPPs? In that sense, would it be possible that the public sector adds to the required minimum 15% of investment, together with the private sector partners?

    Eligible Participants to the Call need to be private enterprises, joint venture or a consortium of companies. The proposed projects can be PPPs. However, the partners are expected to invest minimum 15% of own resources/equity.
     
  9. Impact finance - are you looking for a venture capital/private equity set up together with a ready pipeline?

    The objective of this Call for Expressions of Interest is to enter into dialogue with EU/EEA and Western Balkans private companies (including potential equity/ venture capital funds) on concrete investment opportunities which may have different stages of maturity depending on the nature of the project.
     
  10. Does the absence of visibility in the VIES system represent an obstacle for companies in the application process, especially in sections requiring a valid VAT number?

    The call for expression of interest requires companies to enter a VAT number, valid in their respective country of registration. The visibility in the VIES system is not required. However, it is essential to ensure that the provided VAT number is valid in the country where the company is registered.

[1] * This designation is without prejudice to positions on status and is in line with United Nations Security Council Resolution 1244/99 and the Advisory Opinion of the International Court of Justice on the Kosovo declaration of independence.

Express Interest

EXPRESS INTEREST HERE