Memorandum of Understanding paves way for enhanced economic competitiveness
The EBRD and the government of Montenegro are joining forces to foster the development of the private sector, strengthen the investment climate and promote good governance.
Under a Memorandum of Understanding signed by Montenegro’s Prime Minister Duško Marković and EBRD President Suma Chakrabarti today in London, the two parties will work together to further unlock the country’s economic potential by applying a range of instruments specifically designed to raise its attractiveness to investors and re-energise economic transition.
The efforts will include strengthening the dialogue between the public and private sectors through the establishment of a dedicated professional secretariat to systematise the work of the Competitiveness Council, Montenegro’s premiere platform for public-private dialogue.
The Bank also committed to enhancing the government’s institutional capacity by supporting key reforms in the area of competition policy and supporting the delivery of the government’s eGovernment and eServices platforms. These steps will help to cut red tape and improve the operational environment for domestic and foreign investors alike.
The EBRD will continue to work closely with the government of Montenegro to identify other areas where the Bank can apply its expertise to support the country’s efforts to stimulate the development of the private sector and of the business climate in general.
At the signing, Prime Minister Duško Marković said: “The EBRD is a highly valued partner for Montenegro, financing important strategic projects in areas such as infrastructure and energy sectors, as well as supporting both foreign and domestic private companies. With the launch of the Investment Climate and Governance Initiative, we will be taking our cooperation to a new level – working together to make Montenegro’s business environment more competitive, transparent and attractive to all investors.”
EBRD President Suma Chakrabarti added: “We are committed to partnering with the government of Montenegro in supporting the competitive development of the private sector and modernising the country’s economy. An improved investment climate will help Montenegro’s economy grow, create more jobs and improve living standards. Montenegro is a frontrunning candidate in the Western Balkans in the process of EU accession, and the EBRD stands ready to help the country progress even further along this path.”
Supporting governments like Montenegro’s in increasing transparency, good governance and healthy competition is at the core of the Bank’s Investment Climate and Governance Initiative launched in 2014.
In Montenegro, the Bank focuses on enhancing the competitiveness of the private sector, improving connectivity and regional integration by expanding cross-border transport and energy links, supporting sustainable practices in the tourism and property sectors and promoting energy security and efficiency. To date, the EBRD has invested some €538 million in 56 projects in the country.