EBRD finances road improvement project in Montenegro
The European Bank for Reconstruction and Development is providing a €26 million ($31 million) sovereign loan to Montenegro for the reconstruction and upgrade of the road section between the country’s northern municipalities of Berane and Kolasin.
The funding will be cover the construction of 13.9km of road as well as the finalisation of the 2.8km long tunnel that will link Berane with Kolasin.
The project will considerably shorten travel time between the two cities and improve connectivity in Montenegro’s less developed northern regions.
The loan follows two previously signed financing agreements between the EBRD and the government of Montenegro totalling €25 million. The new funds will also support the preparation of a road asset management system, which will store road data information and help plan short and long-term road maintenance services.
