Government and World Bank sign loan agreement aimed at advancing high education and science in Montenegro

Podgorica, Montenegro (22 February 2012) – Finance Minister Milorad Katnić and Head of the World Bank Office for Montenegro and Bosnia and Herzegovina, Anabel Abreu, signed the loan agreement aimed at the reform of high education and building science capacities in Montenegro earlier today.

The loan will be used for funding the project entitled "High education and research for innovation and competitiveness".

The aim of the project is to improve high education, science and research in Montenegro through financial reforms, providing quality high education and strenghening research capacities and development. These goals are to be achieved through the establishment of the first centre of success in Montenegro, as well as through the implementation of competitive research grants focused on empowering excellent resarch teams, advancing international cooperation and creating commercial innovations.

The loan worth EUR 12 million, with 15 year maturity, including 4 - year grace period.