Podgorica, (MINA-BUSINESS) – The Ministry of Finance has announced that Montenegro will continue its partnership with the World Bank (WB) through a new five-year Country Partnership Framework (CPF), which includes ambitious projects worth $350 million.

The projects are expected to contribute to the improvement of waste management, protection of water resources, forestry reforms, promotion of renewable energy sources and energy efficiency, as well as adaptation to climate change and the preservation of nature.

One particularly significant project highlighted is the decarbonization initiative, expected to be completed by the end of the year, which will play a key role in further transforming the energy sector and meeting international obligations in this area by 2030.

Minister of Finance Novica Vukovic met with the World Bank team led by head of the WB Office for Montenegro and Bosnia and Herzegovina Christopher Sheldon to discuss a review of investment projects financed by WB loans.

“The meeting offered an opportunity for the Ministry’s team, together with our long-time partner, the World Bank, with whom investments worth €523 million have been made through various projects, to analyze the achieved results and the pace of implementation of these projects, as well as to identify challenges during their implementation,” the Ministry stated in a press release.

Vukovic thanked the World Bank for its long-standing support to Montenegro, adding that efforts would be intensified to efficiently draw funds and accelerate the implementation of reforms, which would further boost Montenegro’s progress in the EU accession process.

Sheldon welcomed the Government’s intention to work even more efficiently on implementing existing projects and preparing new investment projects, which would greatly help in achieving Montenegro’s reform agenda.

In addition to analyzing the current status of joint projects, the meeting also outlined the next steps in cooperation, with the development of Montenegro as the primary goal.