GEF supports development of green business in Montenegro
A Green Business Incubator is soon to be established in Montenegro within the project Growing Green Business in Montenegro. The project is supported by the Global Environment Facility (GEF) and implemented by the United Nations Development Program – UNDP.
The 800,000 USD funding agreement was recently signed by the UNDP Permanent Representative and UN System Coordinator in Montenegro, Fiona McCluney, and Minister of Tourism and Sustainable Development, Pavle Radulović.
The project aims to encourage especially the private sector investments in the green and low-carbon business development, and the project’s key activity is an establishment of a required regulatory framework in this area as a precondition for green businesses development.
The total project value is USD 5.4 million, and the remaining amount of USD 4.6 million is provided by the Investment and Development Fund of Montenegro (USD 2.3 million) in the form of loans, by the Ministry of Tourism and Sustainable Development (USD 1 million) and by the city of Cetinje, Montenegro’s secondary capital with USD 1.2 million.
“The Green Business Incubator will be a platform for entrepreneurs’ training and mentoring, advisory services, permits, and licenses obtaining for future green business development. The private and public sector, the academic community and the other interested parties will be able to obtain the necessary information, knowledge and novelties on green entrepreneurship”, reads the press release of the Ministry of Tourism and Sustainable Development.
UNDP is at the moment implementing 34 projects that GEF has been financing in the form of grants in Montenegro.