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PODGORICA (Montenegro), December 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is lending 24 million euro ($26.7 million) to finance improvements to the Montenegrin regional water supply network, it said on Friday.
The financing includes a 12 million euro loan for the construction of a water pipeline to Herceg Novi and a second pipeline from Budva to Tivat and Kotor and another 12 million euro loan to finance the construction of a new secondary water supply network and wastewater infrastructure in the Dobra Voda and Veliki Pijesak neighbourhoods of Bar, the EBRD said in a statement.
The project will provide potable water and wastewater infrastructure to settlements that are currently not connected to the water network and supports the country’s move towards a greener and more sustainable economy in line with the EBRD’s Green Economy Transition (GET) approach, the EBRD said.
Montenegro is experiencing an ever-increasing demand of water supply as a result of tourism development. Given the importance of the sector to the country’s economy, securing safe and uninterrupted water supply for the coastal region is a priority, the bank noted.
The EBRD is a leading institutional investor in Montenegro and has supported over 63 projects with a cumulative business volume of about 578 million euro for investments worth over 1 billion euro.
($ = 0.89766 euro)