EBRD adopts new strategy for Montenegro

By Axel  Reiserer

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has adopted a new strategy for Montenegro, setting out the Bank’s priorities in the period of 2013-16. In this document the EBRD reaffirms its commitment to support the country’s sustainable development and defines the following priorities:

  • Expanding the economic base through enhancement of competitiveness.. The EBRD will support moves to a more balanced growth path through targeted support for small and medium-sized enterprises in all sectors with growth potential and through further strengthening of the financial system
  • Supporting sustainable tourism, property and associated environmental and infrastructure needs. Montenegro’s tourism sector is likely to be a major growth driver for the country. However, the institutional and infrastructure requirements to unlock this potential are not yet in place. The Bank will support sustainable practices with strong emphasis on environmental sustainability. Where appropriate, private sector solutions, including Public Private Partnerships, will be sought.
  • Promoting energy security and efficiency and regional integration of energy markets. Montenegro has the potential to become a regional energy hub in the medium to long term. The EBRD will support important interconnections with countries in the region and will invest in projects that improve energy security, advance energy efficiency and lead to greater competition in the energy market.

The Bank will seek to align its operations with the priorities of the Government of Montenegro, will work closely with other international financial institutions and multilateral and bilateral donors, including the European Union, and promote regional cooperation. The EBRD will engage in active policy dialogue and continue to provide technical assistance to maximise transition impact in Montenegro.