The European Union (EU) has green-lit a 14.2-billion-Euro funding package for prospective member states including Turkey for the period covering between 2021 and 2027, Deutsche Welle's Turkish service reported on Sep. 7.
Aimed at allowing prospective member states to complete the steps to join the EU, the Pre-Accession Assistance Instrument (IPA III) was approved by the EU Council. The funds will be granted to Albania, Bosnia and Herzegovina, Iceland, Kosovo, Montenegro, North Macedonia and Serbia alongside Turkey.
"Through investments in key sectors including connectivity, infrastructure, environment and climate, as well as energy and digital, it will boost the convergence with the EU and bring tangible benefits for citizens," Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi said.
The funding will reportedly be allocated in line with countries' performances in establishing political, institutional, legal, administrative and socio-economic reforms to conform with EU standards.
The EU will prioritize changes that further rule of law, basic rights, democratic establishments and economic growth and competition, but will also take into the relevant countries' existing resources to put such procedures in place.
The funding package is pending approval from the European Parliament to go into effect, but the body is expected to move forward with it within this month.
Predecessors of the package, IPA I and IPA II had allocated 4.7 and 4.4 billion liras to prospective member states.