Green Pljevlja Project Implementation Boosts Montenegro's Economic Prospects

A presentation on the Analysis of the Green Pljevlja Project's implementation on Montenegro's macroeconomic performance was held at a meeting with the Prime Minister and a working group comprising representatives from relevant institutions. Additionally, the presentation covered the Feasibility Study for the construction of a cement factory in Pljevlja. This marks another significant step towards creating a sustainable model for cement production and advancing the Green Pljevlja project, in accordance with the Memorandum of Understanding signed between the Government of Montenegro, Montenegrin Electric Enterprise (EPCG), and Chayton Capital, a potential investor based in London.

The Study, conducted by experts from the Faculty of Economics, demonstrates that the implementation of the Green Pljevlja Project would have substantial positive effects on economic parameters, GDP, employment, as well as the trade balance, both at the national and municipal levels. Depending on the final scope of investment in the entire Green Pljevlja project, the proposed investment is estimated to contribute to Montenegro's annual GDP by 1.4% to 4.3% over a ten-year period, creating employment for 200 to 600 workers.

The cement factory, planned to meet stringent ecological standards, would contribute to economic diversification, while utilizing by-products from the Pljevlja Thermal Power Plant, thereby reducing its negative environmental impact. Furthermore, direct revenues for the state and local budgets are estimated to surpass 20 million euros annually during the stable operation of the cement factory, providing employment for approximately 195 individuals.

Prime Minister Dritan Abazović commended the efforts of the potential investor and emphasized the importance of industrial production and the necessity of utilizing existing resources (marl, gypsum, and ash) to create new value.

The Government's dedication to this project is unwavering, with solid planning in place, and no barriers preventing the project's implementation in accordance with the law, said Abazović.

It was noted that the Government will continue working to create favorable conditions for the implementation of this crucial project for Montenegro.

Representatives of EPCG expressed their readiness to collaborate with the potential investor to utilize existing raw materials at the Pljevlja site and create new value, which could have positive long-term benefits for EPCG's operations.