EUR 49, 8 million for improvement of energy efficiency in public buildings provided

Podgorica, Montenegro (13 December 2019) -- Minister of Finance Darko Radunović signed earlier today a loan agreement for the Program of energy and efficiency in the public buildings - phase III, with representatives of the KfW German development bank, worth EUR 45 million, while Minister of Economy Dragica Sekulić signed a grant agreement for the same programme, worth EUR 4, 8 million.

The agreements were signed, on behalf of the KfW German development bank, Head of Division Energy and Transport Southeast Europe and Turkey at KfW Pablo Obrador and KfW Head of Office to Podgorica Željko Uljarević.

The agreemnet signing was attended by Deputy of the Ambassador of Germany to Montenegro Cristoph Breunig.

"Today, we had a pleasure of signing the loan agreement and the grant agreement with the Minister of Finance and German development bank, regarding the third phase of the Project of energy efficiency in public buildings in Montneegro. It is a EUR 45 million loan on very favourable terms: 15 years of maturity, of which 5 years of a grace period at the fixed interest rate of 1, 06%. We are particullarly grateful for the almost EUR 5 million donation, allocated by the KfW trough the Western Balkan Investment Framework (WBIF) instrument, i.e. the European Union," Minister Sekulić stated after signing the agreement.

Minister Sekulić highlighted that this is a third phase and 33 facilities, in the education and social protection, has been reconstructed successfully through the first two phases, in the past ten years.

"The fact is that we have made savings of up to the 60 % of consumption in these facilities and have increased largely the comfort of working and staying," Minister Sekulić pointed out.

"I thank the ministers for today’s agreements signing. This is a great opportunity for us, as well for you, because we have a large portfolio in the energy efficiency in the entire region. However, Montenegro was the first. We have gained our first great experience in Montenegro, we have learned a lot jointly, both, you and we in implementation, so we look forward to further challenges and further implementation of this programme. In relation to the KfW, we will remain your loyal partner and I thank you and wish you much success," Head of Division Energy and Transport Southeast Europe and Turkey of the KfW Pablo Obrador.

PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO