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Country data

0.6 million
13,800 sq km

Key developments and challenges

  • The fiscal position has weakened considerably over the past year. Weak growth and the activation of sizeable state guarantees for the aluminium company, Kombinat Aluminijuma Podgorica (KAP), have taken a significant toll on public finances in 2013.
  • European Union (EU) accession negotiations are advancing. Montenegro opened accession negotiations in 2012 and has so far provisionally closed two of the 35 EU acquis chapters over the past year. Under the new enlargement rules Montenegro will have to begin work on the more difficult chapters related to the judiciary and justice early in the accession process.
  • Generation capacity in the energy sector is expanding. A number of small hydropower plants are currently under construction, and there has been considerable investor interest in the construction of a second unit in the Plevlja thermal power plant. Plans for commencing the construction of the Italy-Montenegro underwater cable are advancing.

Montenegro in the 2013 Transition Report

River in Montenegro

Our work in Montenegro

In Montenegro we focus on developing municipal and environmental infrastructure and transport and boosting small business.


Key facts about the EBRD's work in Montenegro

No. of projects


Net EBRD investment

€432 million

Gross disbursements

€227 million

Portfolio in private sector



Last updated 30 June 2014

View factsheet

Our strategy in Montenegro

Montenegro has made steady progress on key reforms geared towards integration into the European Union. Since the adoption of the previous Strategy Montenegro obtained formal status of an EU candidate country and opened EU accession negotiations in June 2012.

Efforts towards EU approximation remain the main external anchor for comprehensive reforms and progress on this front should buoy economic growth prospects in the medium term.


Read strategy


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