The Board of Executive Directors of the World Bank Group (SB) considered the new Partnership Framework (CPF) with Montenegro for the period from next year until 2029, the aim of which is to support sustainable economic growth and improve climate resilience.
The head of the SB office for Bosnia and Herzegovina and Montenegro, Christopher Sheldon, said that the new strategy includes a common vision of a prosperous and ecologically sustainable Montenegro.
"By combining economic support with a focus on green development, we want to steer Montenegro towards a more resilient future on its path to European integration," Sheldon said.
The SB announced that the goal of the CPF is to use the full economic potential of Montenegro by improving fiscal management, increasing competitiveness and better integration with other markets in Europe.
"Environmental sustainability is particularly emphasized in the strategy, through initiatives that include the improvement of waste management, forestry and water resources, as well as projects of renewable energy sources and energy efficiency, which puts Montenegro at the forefront of the green transition," the announcement states.
The framework, as they said, promotes sustainable management of natural resources, adaptation to climate change and protection of natural areas, all of which will improve the overall quality of life, improve public health and increase the attractiveness of Montenegro as a tourist destination.
The SB also said that the International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector, will use its advisory expertise to encourage significant private sector investments. That approach, along with guarantees provided by the Multilateral Investment Guarantee Agency (MIGA), has the potential to increase the impact of the initial $350 million in SB loans available as part of the CPF.
IFC's Regional Manager for the Western Balkans, Nicolas Markier, said their strategy for Montenegro reflects IFC's commitment to strengthening private sector-led growth while supporting the country's green transition.
"By focusing on connectivity, sustainable tourism and services, renewable energy sources and facilitating access to financing, we aim to help Montenegro accelerate its economic integration and build a more resilient and sustainable future in line with its aspirations to join the EU," said Marquier.
The current portfolio of SB in Montenegro consists of three projects with a total value of 63,18 million dollars, in addition to two regional projects worth 31,3 million dollars.
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