What's Happening?
Montenegro has obtained 350 million euros from the European Bank for Reconstruction and Development (EBRD) and the European Union to improve transport connectivity within the country and the broader region. The EBRD will provide a loan of up to 200 million euros for the construction of the Matesevo–Andrijevica section of the highway, which connects the Adriatic port of Bar with the Serbian border. The EU will contribute two investment grants totaling 150 million euros. This initiative is part of Montenegro's efforts towards EU integration, with the EU having provided over 350 million euros in grants for transport projects in recent years.
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Why It's Important?
The funding is crucial for Montenegro's economic development, particularly in enhancing tourism, trade, and regional integration. Improved transport infrastructure is expected to connect the underdeveloped northern region with the economically active center and south, fostering economic growth. The project is part of the Trans-European Transport Networks, which aims to improve connectivity across Europe. This development also signifies the EU's support for Montenegro's EU accession process, which began in 2012.
What's Next?
The construction of the highway section will proceed, with the EBRD and EU closely monitoring the project's progress. Montenegro will continue its EU accession talks, having opened 33 out of 35 negotiation chapters. The successful completion of the highway project could further bolster Montenegro's case for EU membership, enhancing its infrastructure and economic prospects.
