PODGORICA (Montenegro), June 12 (SeeNews) – Montenegro's government approved a 15 million euro ($17 million) loan agreement with the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, for investments in flood protection infrastructure, it said.
The loan is part of a 330 million euro programme of the World Bank for infrastructure development and flood protection in the Sava and Drina basin countries, the Montenegrin government said in a statement on Thursday.
Montenegro has agreed to receive a 15 million euro loan from the IBRD plus grants with a combined value of 5 million euro from the Global Environment Facility (GEF), the Western Balkans Investment Framework (WBIF), the Special Climate Change Fund (SCCF) and other international funds, the government said.
The government will invest the funding in the construction of multifunctional embankments of Lim and Grncar rivers, in order to solve flood problems and preserve watercourses in the municipalities of Gusinje, Plav, Bijelo Polje and Berane, it noted.
Part of the funding will be invested in the construction of an irrigation system for agricultural land in the municipalities in the Drina basin, as well as the improvement of the water supply in the municipality of Andrijevica.
($ = 0.8843 euro)