The European Commission on Wednesday put forward a proposal for a €3 billion macro-financial assistance package to ten countries in the neighbourhood to help them mitigate the consequences of the corona crisis in the form of very favourable loans.

The proposal was put forward by the EC and sent to member states and the European Parliament for adoption.

After a preliminary assessment of financing needs, the assistance would be divided as follows: Albania (€180 million), Bosnia and Herzegovina (€250 million), Georgia (€150 million), tJordan (€200 million), Kosovo (€100 million), Moldova (€100 million), Montenegro (€60 million), North Macedonia (€160 million),Tunisia (€600 million) and Ukraine (€1.2 billion).

The package would be available for a period of 12 months in the form of favourable loans in an effort to assist these countries to meet their urgent financing needs.

“Together with the International Monetary Fund’s support, the funds can contribute to enhancing macroeconomic stability and creating space to allow resources to be allocated towards protecting citizens and mitigating the coronavirus pandemic’s negative socio-economic consequences,” the commission said in a press release published on the EU’s official web site.

“Supporting our neighbours is essential during this time of crisis to keep the entire region stable,” said Valdis Dombrovskis, Executive Vice-President for An Economy that Works for People.

Paolo Gentiloni, Commissioner for Economy, said: “European solidarity must not stop at the borders of our Union. Because in this global crisis, we stand or fall together,” as carried by the press release.