“This long-awaited agreement on our ambitious financing assistance is a positive, welcome and strong signal for the Western Balkans and Turkey,” said Oliver Varhelyi, EU commissioner responsible for enlargement.

It will provide funding for the Western Balkans and thus help the economic in the region, he added.

The money would be invested in improving the region’s connectivity, infrastructure, environment and climate, as well as energy and digital, said Varhelyi.

As well as improving convergence with the EU, he said it would also bring “tangible benefits for citizens” in the candidate nations — Albania, Bosnia, Kosovo, Montenegro, North Macedonia, Serbia and Turkey.

The agreement needs to go to the European Parliament and the Council for final approval.