📋 Tender Overview
A loan agreement was signed for the Montenegrin Railway Improvement Project between the European Investment Bank (EIB) and the Ministry of Finance, and the Grant Agreement for the same project between the EIB and the Ministry of Transport and Maritime Affairs. The financial package signed today includes a loan of EUR 40 million, an EU grant worth EUR 35.5 million and technical support for the preparation and implementation of the project. The project will enable the reconstruction of the 167 km long railway line to improve efficiency, safety and capacity of the lines, while facilitating the transition to a greener transport system in the country.
On this occasion, Minister of Finance Novica Vukovic said:
Our goal in partnership with the EIB is to encourage the development of better, more efficient and safer infrastructure. This will ultimately improve connectivity and accelerate Montenegro's economic growth. The loan arrangement signed today is one of several agreements concluded with the EIB, aimed at strengthening and improving the railway infrastructure in Montenegro. According to this year's budget law, the EIB will finance the reconstruction of the railway on the Bar - Golubovci section along with the European Bank for Reconstruction and Development. This cooperation implies an investment of up to EUR 113 million, with a significant grant of EUR 112.6 million from the European Union, provided through the Western Balkans Investment Framework.
Provided under the Team Europe initiative, the European Union's €75.5 million financial package (covering 95% of the project's estimated costs) consists of an EIB loan of €40 million and two grants totalling €35.5 million provided through the Western Balkans Investment Framework.
The Government of Montenegro will contribute 4.5 million euros of its own funds. Technical support to the preparation, supervision and implementation of the project is also part of the agreements signed today at a ceremony held in Podgorica.
Besides The Minister of Finance of Montenegro Novica Vukovic, the event was also attended by the Minister of Transport and Maritime Affairs of Montenegro Filip Radulovi?, Director of EIB Global for Enlargement and Neighbourhood Lionel Rapaille and Ambassador of the European Union to Montenegro Oana Cristina Popa.
