December 6 (SeeNews) - The European Investment Bank (EIB) intends to ensure financing for projects related to Montenegro's climate and environmental sustainability to support the country's energy transition, Montenegrin media reported.
"In order to bridge the financial gap, the EIB wants to provide much-needed financing for climate and environmental sustainability, in order to enable a faster transition to a sustainable, green and renewable economy," Montenegrin news agency Mina quoted EIB vice-president Lilyana Pavlova as saying on Sunday.
Companies from various sectors, such as infrastructure, industry, transport, innovation, agriculture and tourism, will be able to use the funds to overcome financial constraints and introduce climate-friendly and energy-efficient practices in business, Pavlova said.
In September, the EIB signed a 50 million euro ($56.5 million) agreement with the Investment-Development Fund of Montenegro (IRF) to support tourism and other sectors hardest hit by COVID-19 in Montenegro.
"Our commitment to supporting Montenegro and the IRF is not just about funding. We are currently embarking on an important new technical support task with our IRF partners to strengthen their capacity to provide key financial services," Pavlova noted.
The EIB aims to provide tailor-made support to Montenegro for a wide range of areas, from education, health and water to transport infrastructure and the energy sector, she added.
The bank has been active in the territory of Montenegro since 1977 and has provided 976 million euro worth of loans to the country, mostly in support of SMEs, education, environment and transport infrastructure.
($ = 0.88553 euro)