PM Krivokapić spoke with EBRD representatives

Prime Minister Zdravko Krivokapić had an online meeting today with representatives of the European Bank for Reconstruction and Development (EBRD). Minister of Finance and Social Welfare Milojko Spajić and Minister of Economic Development Jakov Milatović also attended the meeting, while the EBRD delegation was led by Vice President Jürgen Rigterink.

PM Krivokapić expressed satisfaction with the intensive communication between the Government and the EBRD, as well as the Bank's interest in directing and assisting sustainable projects that are important for Montenegro and the entire Western Balkans region, which was confirmed by EBRD President Odile Renaud-Basso in a recent letter sent to the Prime Minister. PM Krivokapić told EBRD representatives that by adopting the budget, the Government finally managed to create realistic conditions for a faster economic recovery, with the stabilisation of public finances as one of the main preconditions for overall economic sustainability.

The Government has projected a strong economic recovery by the end of 2021, and in 2022 we plan to make Montenegro a major construction site for green economy projects, in which we expect significant EBRD participation, Krivokapić said.

Krivokapić pointed out that the Government, together with social partners and the business community, is doing everything to improve the business environment and help create a market of equal opportunities, as well as to show strong investment activity in priority areas - tourism, energy, manufacturing and agriculture, and transport infrastructure.

Regardless of political competition, the most important thing is for Montenegro to turn to the economy and improve its standard of living. That is the only way to get closer to the standard and values that the EU countries cherish, said Krivokapić.

The Prime Minister thanked the EBRD for the support to projects related to the development and work of small and medium enterprises. He expressed expectations that Montenegro can receive support from the EBRD in the development of both road and utility infrastructure, especially in the field of wastewater treatment, because a stable infrastructure is a prerequisite for sustainable economic development.

With several important energy projects, with which we will achieve decarbonisation and sustainability, we have the goal of making Montenegro a regional energy hub, Krivokapić said.

EBRD Vice President Jürgen Rigterink praised the concrete results that the Government has achieved during its work so far and expressed readiness for even stronger and more intensive cooperation between Montenegro and the EBRD.

I congratulate the Government for adopting an extremely prudent budget for 2021 in the Parliament. I also congratulate you on a successful hedging arrangement for a motorway loan. With these moves you managed to provide a very attractive interest rate, which will certainly help you stabilise public finances and increase investor confidence in the Montenegrin market, said EBRD Vice President Rigterink.

Minister of Finance and Social Welfare Milojko Spajić commented on the results achieved in the finance sector, emphasising the achieved budget surplus for the third month in a row.

The results of the Government's economic policy so far instill hope and optimism and give us the right to believe that Montenegro can get closer to the standard of the most developed countries in Europe much faster than planned. In this sense, our development foreign partners also have a very important role, said Spajić.

Minister Spajić also emphasised the importance of using the funds from the Economic and Investment Plan for the Western Balkans and potential cooperation with the EBRD in that sense. Spajić also said that he was pleased with the EBRD support for the recently established company Montenegro Works.

Minister of Economic Development Jakov Milatović said that Government's responsible policy during pandemic, and thus the recovery of economic activities, is a precondition for launching new investments in Montenegro and the support of the EBRD.

The Ministry of Economic Development has further intensified cooperation with the European Bank for Reconstruction and Development in order to accelerate and improve the implementation of existing and new initiatives. We expect the continuation and strengthening of the partnership through the Credit Guarantee Fund in order to improve access to finance for small and medium enterprises, entrepreneurs and other companies, and thus induce the creation of new jobs and increase exports, Milatović said.

Head of the EBRD Resident Office in Montenegro Jaap Sprey thanked for the cooperation and excellent support that the Government has provided to this financial institution in the past nine months.