Strengthening cooperation in energy and energy transition

At the conclusion of the annual meetings of the IMF and World Bank in Marrakech, Minister of Finance Aleksandar Damjanović held meetings with Mr. Faouzi Lekjaa, Minister Delegate in charge of the budget, and Ms. Leila Benail, Minister of Energy Transition and Sustainable Development of the Kingdom of Morocco.

In discussions with Minister Lekjaa, it was noted that there is significant potential for cooperation in the fields of transportation, tourism, and energy. Minister Lekjaa proposed the establishment of a working group to identify and specify a cooperation program between Montenegro and the Kingdom of Morocco.

In the meeting with Minister Benail, it was also emphasized that cooperation should be strengthened in various areas, particularly in the field of energy and energy transition, as well as sustainable development. Minister Benail proposed that the two countries initiate a formal initiative for the signing of memoranda of cooperation in the mentioned fields, emphasizing that such cooperation would enhance regional collaboration. The importance of identifying joint-interest activities that can be jointly funded and implemented was highlighted.

Representatives of the Government of the Kingdom of Morocco and the Minister of Finance of Montenegro concluded that the existing cooperation between the two countries should be further encouraged through mutual visits that formalize the basis for future collaboration.

On the sidelines of the annual meetings in Marrakech, the delegation of the Ministry of Finance of Montenegro also met with Mr. Akhiko Nishio, World Bank Vice President of Development Finance (DFi). During the meeting, it was agreed that Montenegro would join the group of donors for IDA funds, from which funds would be drawn for financing projects in the least developed countries.

On the last day of the annual meetings of the IMF and World Bank in Marrakech, Minister Damjanović met with Mr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank (IsDB). It was emphasized that good cooperation between Montenegro and Saudi Arabia has already begun, opening up opportunities for deepening the relationship and the bank's interest in financing projects in Montenegro. The bank extended an invitation to Montenegro to participate in the bank's annual meeting in April 2024 in Saudi Arabia.

During his stay in Marrakech, Minister Damjanović attended the Economic Forum of Small Countries, where discussions focused on the World Bank's support for achieving sustainable development goals.

After intensive discussions and numerous working meetings during the IMF and World Bank annual meetings in Marrakech, Minister Damjanović considered his visit to Marrakech productive and successful.