EIB Global signs 75.5 mln euro financing deal for Montenegro railway overhaul

The financial package includes a 40 million euro loan and two EU grants totalling 35.5 million to be extended under the Western Balkans Investment Framework (WBIF), while a further 4.5 million euro will be secured from the government, the EU said in a press release.

The reconstruction works will improve rail capacity, efficiency and safety, and will promote a shift from road to rail, contributing to a more sustainable transport system.

"The upgrade and extension of rail transport infrastructure is a priority both for the European Union and the Government of Montenegro, as it is crucial for regional integration in the Western Balkans," EIB vice-president Kyriacos Kakouris was quoted as saying.

"This project builds on the EIB’s previous support for the rail section between Bar and Vrbnica — the main railway line in Montenegro — but also our recent investments in strategic railway corridors in Serbia, North Macedonia and Albania, aiming to provide better and faster links within the region and with the European Union," he said.

($ = 0.9221 euro)