Energy Efficiency

Montenegro secures EUR 50 million loan for green recovery, decarbonization

Montenegro secures EUR 50 million loan for green recovery, decarbonization EIB IDF

Photo: EIB


November 29, 2021






November 29, 2021





The Investment and Development Fund of Montenegro (IDF) has secured EUR 50 million to support green recovery and decarbonization of the economy. The loan will help small businesses implement energy-saving measures and the recovery of the economy from COVID-19.

The European Investment Bank (EIB) will lend EUR 50 million to the Investment and Development Fund of Montenegro. The funds will be available for the companies in the sectors of infrastructure, industry, transport, innovation, agriculture and tourism.

Small and medium-sized enterprises (SMEs) will have an opportunity to address their liquidity issues, support jobs, increase competitiveness and improve energy efficiency practices, the bank said.

The loan will also help to create youth employment opportunities

It is the second loan signed with the IDF since the start of the pandemic, following a EUR 50 million investment from September 2020 for supporting COVID-19 recovery of over 150 Montenegrin small and medium enterprises.

The latest loan will also help to create youth employment opportunities through special loan conditions provided under the European Youth Employment and Training for the Western Balkans (EYET) initiative.

Agence Française de Développement is also co-financing the IDF and providing technical assistance to help the fund develop a strategy, guidelines and resources for climate action investments, EIB said.

IDF is the first signatory of loan for climate action in the Western Balkans

Irena Radović, Executive Director of the Investment and Development Fund of Montenegro, said the economic crisis brought on by the COVID-19 pandemic continues to be a source of uncertainty but that it also presents an opportunity for Montenegro to ensure a resilient, inclusive and green post-pandemic recovery.

IDF is proud and passionate about taking the lead in the green transition and economic transformation in close cooperation with the EIB and being the first signatory of such an operation for climate action in the Western Balkans, she said.

EIB Vice-President Lilyana Pavlova, who is responsible for operations in Montenegro, said the loan addresses the two most important global economic and social issues of our time – COVID-19 recovery and climate action.

The signing of the loan agreement was also attended by Milojko Spajić, Minister of Finance and Social Welfare of Montenegro.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles


Heatwaves, drought hit Europe in world’s third warmest July ever

10 August 2022 - Prolonged and intense heatwaves affected parts of Europe during July and are continuing in August

Norway power export controls drought hydropower reservoirs

Norway to impose power export controls

09 August 2022 - Norway is preparing a framework for limiting electricity exports at times when the levels of water in hydropower accumulations are low


US chooses to step up climate action with landmark bill

09 August 2022 - The US Senate has approved a bill that allocates USD 369 billion for combating climate change

EU power gas prices smashing records drought EdF nuclear setback

EU power, gas prices smashing records amid drought, EdF’s nuclear plant setback

03 August 2022 - Low water levels in major rivers disturb the operation of nuclear power plants and the transportation of coal