The growth strategy for the Western Balkans is poised to support Montenegro significantly over the next decade, as stated by Hert Jan Kopman, the General Manager of the European Commission for Neighborhood and Enlargement Negotiations, following his meeting with a government delegation led by Prime Minister Milojko Spajić.

Kopman conveyed in a media statement that he had discussions about a new growth initiative for the Western Balkans yesterday, particularly focusing on Montenegro’s reform agenda, which outlines an ambitious economic reform plan leading up to the end of 2027.

“We believe that this growth initiative can genuinely stimulate development in Montenegro, potentially allowing the country to double its economy over the next decade. It is designed to bring Montenegro closer to being on par with the average EU member states. This plan encompasses significant reforms in the business environment, the rule of law, and investment capacity, supported by a robust investment strategy. We are ready to provide considerable financial backing,” said Kopman.

In early May, the EU Council approved the establishment of the Reform Fund and growth initiative for the Western Balkans, a new mechanism aimed at fostering economic growth in the region. To access these funds, the Western Balkans must submit their reform agendas to the European Commission, with EU member states playing a crucial role in approving financial allocations.

Funding will be distributed biannually, contingent upon partners demonstrating progress in the qualitative and quantitative goals outlined in their reform agendas.

The growth initiative for the Western Balkans will span from 2024 to 2027, with plans to allocate six billion euros for the region — two billion euros as grants, and the remaining four billion euros in loans with favorable repayment terms.

Kopman noted that following the recent progress of Ibar (regarding compliance with temporary criteria for Chapters 23 and 24), the Government and the Commission agreed on structuring further actions.

“I believe we have arrived at a highly operational plan to implement in the coming years. It has been 15 years since the last new member joined, and Montenegro has been a frontrunner, demonstrating the potential for significant achievements in the upcoming months and years,” he added.

This initiative is expected to facilitate transformative changes.

“Our discussions about the growth strategy also included plans for an investment conference next year, where we anticipate the signing of key agreements. Investors will show interest in Montenegro if these reforms are effectively carried out. Therefore, the growth initiative, alongside investment and the accession process, will hold transformative significance for the country, and I must be explicit — it will greatly benefit the EU,” stated Kopman.

The Ministry Has Prepared 59 Priority Projects

The European Commission has announced that the first payment tranche from the growth initiative is expected in September.

The Ministry of European Affairs (MEP) has concurrently engaged in mapping infrastructure projects across energy, transportation, human capital development, and digital infrastructure, focusing on priority funding sectors.

“Following consultations with the European Commission, the resulting list contains 59 priority projects, including 9 in energy infrastructure, 3 in transportation, and 44 in developing human capital and educational infrastructure at all levels,” the Ministry reported to Forbes Montenegro.

In the realm of science, as they noted, the measures aim to enhance capacity building and boost investments in innovation activities within both the public and private sectors, following a framework of smart specialization.

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