WBF is an international organization established by the governments of Albania, Bosnia-Herzegovina, Kosovo*, Montenegro, North Macedonia and Serbia. The WBF is financed by the six Contracting Parties in equal quotas.

The governing bodies of the Fund are the Council of Ministers of Foreign Affairs, the Council of Senior Officials, the Executive Director and the Secretariat.  The seat of the Fund Secretariat is in Tirana.

The objectives of the fund will be pursued through financial support of activities that contributes to cross-border and inter-regional cooperation, and to the strengthening of regional cohesion, in particular in the following areas:

• Promotion and development of cultural cooperation;
• Promotion and development of scientific exchanges, research and cooperation in the field of education;
• Promotion of sustainable development;
• Crosscutting issue: promotion and development of youth, cross-border cooperation, media, European integration, and gender.

In general, projects financed by the Fund will require co-financing commitment by the grant beneficiaries and each project should require participation from at least three of the Western Balkans Parties of WBF.