EBRD finances Montenegro main road upgrade
As part of its effort to improve regional integration in the Western Balkans, the EBRD is extending €15 million for the reconstruction and upgrade of the road section between Danilovgrad and Podgorica, improving connectivity between Montenegro’s two main cities.
The funds are part of a €40 million loan to Montenegro’s transport administration and contribute to the reconstruction costs of 216km of the country’s main roads.
Improving the transport infrastructure is crucial attracting investment and for further economic growth in the country. It will also support the tourism sector, a crucial part of the economy.
The EBRD-financed rehabilitation project will also include climate resilience measures to help avoid the risk of erosion, landslides and floods. These include increased drainage capacity, reinforced road embankments and special bridge designs.
Technical support for this project was provided by Italy through the Central European Initiative (CEI).
The EBRD is a leading institutional investor in Montenegro and to date has supported over 63 projects with a cumulative business volume of about €578 million for investments worth over €1billion.
The Bank’s strategy for Montenegro focuses on efforts to help the country enhance the competitiveness of the private sector, regional integration and the green economy.