Germany and the KfW Development Bank willing to support projects in Montenegro

Podgorica, Montenegro (31 October 2014) – Improving the road infrastructure at the coast, most notably building bypasses around coastal towns and the express-way, are necessary for removing bottle-necks in the coastal region and a precondition for further development of tourism in Montenegro, Finance Minister Radoje Žugić, German Ambassador Gudrun Steinaker, and KfW Office in Montenegro director Željko Uljarević concluded at the meeting earlier today. Mr Uljarević noted that the KfW Development Bank is willing to offer favourable terms for financial support to these projects.

The three officials also discussed the continuation of the project entitled Energy Efficient Public Buildings, whose first phase will encompass the reconstruction and modernisation of 21 elementary and high schools in Montenegro in the first half of 2015, worth over 13 million EUR, of which 1.5 million EUR will be a donation from Germany. The second phase is intended to encompass buildings used for social and administrative purposes.

The meeting emphasised the successful cooperation between the Finance Ministry and the Federal Republic of Germany, who in Minister Žugić’s words is Montenegro’s important political and economic partner. The Minister also welcomed the cooperation with KfW, who has since 2001 supported a great deal of infrastructure, banking, and energy projects in Montenegro. The officials agreed to continue intensified talks with the view to deepening cooperation in these areas