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

Published

November 29, 2021

Country

Comments

0

Share

Published:

November 29, 2021

Country:

Comments:

0

Share

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

Carbon capture projects failing still to play role energy transition

Carbon capture projects failing but still to play role in energy transition

14 January 2022 - The carbon capture technology is still experimental, but it may have a shot with a proper funding scheme and a functional market

New German government announced ambitious decarbonization plan

Germany’s new government announces ambitious decarbonization plan

13 January 2022 - Germany published a climate plan for the 2030 emissions target, decarbonization of industry, electrification of transport, and heating

Carbon border tax indirect emissions from electricity european parliament report

EU should roll out CO2 border tax earlier, apply it to indirect emissions from electricity

12 January 2022 - The draft report is part of the legislative procedure for the adoption of the carbon border adjustment mechanism (CBAM)

The summer of 2021 in Europe was warmest ever

Summer of 2021 in Europe was warmest ever

12 January 2022 - The last seven years were the warmest on record globally by a clear margin, and 2021 was the fifth-hottest year ever recorded