SARAJEVO, May 23 (Xinhua) -- Bosnia and Herzegovina (BiH) risks losing nearly 480 million euros (556.8 million U.S. dollars) in European Union assistance funds due to delays in implementing reforms required under the EU Growth Plan, according to an opinion piece published by the Delegation of the European Union to BiH on Saturday.
Luigi Soreca, head of the EU Delegation and EU Special Representative in BiH, warned that BiH had already forfeited 108 million euros and could lose an additional 373.9 million euros because of institutional inaction and delays in fulfilling reform obligations tied to the EU Reform and Growth Facility.
The statement noted that of the total 976.6 million euros allocated to BiH under the Growth Plan, 280.3 million euros are non-repayable grants linked to 113 reform measures. The remaining funds are loans offered under highly favorable conditions, including repayment periods of up to 40 years and grace periods extending to 2034.
Soreca stressed that BiH remains the only Western Balkan economy that has not received any funds from the Growth Plan mechanism so far.
Soreca said the reforms are aimed at accelerating economic transformation and integration into the EU Single Market, including potential accession to the Single Euro Payments Area (SEPA), which would lower cross-border transfer costs for businesses and citizens.
The EU delegation also called on BiH authorities to adopt judicial reforms and appoint a chief negotiator for EU accession talks, warning that further delays would carry significant economic consequences for citizens. ■