December 30 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is extending a loan of 11 million euro ($11.7 million) to Montenegro for the purchase of modern railway maintenance equipment and machines, it said.
State-controlled railway infrastructure operator Zeleznicka Infrastruktura Crne Gore (ZICG) will invest the funds in replacing obsolete and energy-inefficient machines that has been in use for more than 50 years, the EBRD said in a statement on Thursday.
This will help improve the safety and reliability of the complete railway network while reducing ZICG's maintenance and operating costs.
“The railway infrastructure of Montenegro will be supplied with modern track maintenance machines by 2025,” said executive director of ZICG, Marina Boskovic.
The EBRD will also support the company in improving its corporate governance and developing partnerships with vocational training schools to attract more young workers to the railway sector.
$ = 0.9389 euro