The World Bank (SB) has sanctioned a loan of 80 million euros for the Crni Mountain project, aimed at bolstering fiscal sustainability and promoting sustainable development.

In a statement from SB, it was revealed that the loan received approval from the Board of Executive Directors of the World Bank Group (SB).

“This inaugural loan aims to fund initiatives focused on enhancing Montenegro’s fiscal resilience and sustainable development (DPF). The project seeks to bolster fiscal sustainability by improving revenue, lowering fiscal risks, and facilitating sustainable development by addressing environmental degradation and difficulties related to climate change,” the World Bank representatives explained.

The head of the SB Office for Bosnia and Herzegovina, Christopher Sheldon, emphasized that this initiative is pivotal in supporting Montenegro’s ambitions for a more sustainable and resilient future.

“By concentrating on fiscal sustainability and sustainable development, we are aiding Montenegro in advancing crucial reforms that will benefit both the economy and the environment,” noted Sheldon.

This new initiative aligns closely with Montenegro’s aspirations to integrate into the EU, as it implements economic reforms leading to 2026 and strives to meet its climate commitments established by the Paris Agreement in 2015.

The program is designed to directly facilitate the country’s transition to a greener economy, which is anticipated to create new job opportunities, enhance competitiveness, elevate living standards, and improve climate change resilience.

The SB support for this new project is further bolstered by parallel financing from the French Development Agency (AFD) and the OPEC Fund for International Development, both contributing 50 million euros. This collaboration reinforces the SB Group’s ongoing commitment, outlined in the Land Partner Partner Friendly strategy for 2029, to assist Montenegro in reaching its fiscal and sustainable development goals.