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Montenegro: EIB supports the reconstruction of major roads with €40 million

Christian Fernsby ▼ | July 31, 2020
European Investment Bank (EIB) signed a second tranche worth €40 million for the rehabilitation of 180 kilometres of road along the five main routes in Montenegro.
EIB supports   Montenegro
The loan from the EU bank is complemented by a €1.5 million technical assistance grant awarded under the Economic Resilience Initiative (ERI).

Topics: Montenegro EIB road

It is the first ERI grant to be awarded to a project in the Western Balkans.

The total EIB investment worth €80 million is expected to increase road safety and efficiency and facilitate faster economic recovery and regional trade.

ERI technical assistance grants increase economic resilience and support sustainable growth, employment and vital infrastructure in countries in EU neighbourhoods most affected by the migrant crisis.

In this case, the ERI technical assistance grant aims to help the promoter develop a modern standardised approach and higher quality supervision in line with EU standards.

The modernisation of roads and increased safety along the reconstructed sections will reduce vehicle operating costs, commute times and the frequency of road accidents.

Some 4 100 temporary jobs will be created under this project, supporting the private sector in Montenegro.