Podgorica / Source: Wikimedia Commons / Not applicable

The Montenegrin government will secure an additional eight million euros from the World Bank (WB) for the Financial Infrastructure Modernization Project, as outlined in an amendment to next year’s Budget Law.

Today, the Committee on Economy, Finance, and Budget will continue discussions regarding this amendment, as reported in the news.

According to the amendment’s rationale, “The proposal aims to establish the legal framework for a credit arrangement between Montenegro and the WB for the implementation of the financial infrastructure project, which derives from the SetAnde CLONE Project – Project Tips CLONE). This initiative was developed with the support of the European Central Bank and the Bank of Italy, encompassing multiple countries within the Western Balkans.”

All participating nations in this project will be poised to benefit from the development of an instant payment platform, which aims to lower transaction costs, prepare for future transitions to the Eurosystem’s TIPS platform, and enhance regional collaboration.

This amendment will also lead to modifications in the proposal concerning national debt for the upcoming year.

Additionally, the government has decided to establish the State Development Bank, which will be registered in the central economic entity registry, with a founding capital set at no less than 90 million euros.

The Development Bank’s founding capital comprises the entirety of the investment and development fund (IRF), valued at approximately 107.5 million euros.

A series of amendments to the budget for management and capital projects related to new multi-year initiatives, as well as ongoing projects yet to be completed, have also been proposed, pushing their timelines to the next year.

This includes the regional road R-18 Bar – Sutorman – Virpazar, with a total projected implementation period extending to 2028, the reconstruction of the promenade in Igalo from Gale to Tito Villa, estimated at 3.4 million euros to be completed by the end of next year, the rehabilitation of the unsanitary landfill in Mojkovac, with a total estimated cost of five million euros, alongside the development of a scientific-technology park in Podgorica, valuing 13 million euros.