Montenegro is seeking stronger technical assistance from the European Bank for Reconstruction and Development (EBRD) to accelerate implementation of its €539 million active project portfolio, as the government works to improve the preparation and delivery of infrastructure investments.
Finance Minister Novica Vuković discussed the issue with EBRD President Odile Renaud-Basso, focusing on additional support for project preparation and improvements to administrative capacity.
The EBRD has supported 114 projects worth more than €1.1 billion in Montenegro since beginning its operations in the country. Its current portfolio is valued at approximately €539 million, while new investments committed by the bank reached around €215 million in 2025, a record level of activity in Montenegro.
Transport, Energy and Digital Infrastructure in Focus
The discussions covered transport, energy and digital investment, including the Bar–Boljare motorway, modernisation of the Bar–Golubovci railway, renewable-energy projects and the EBRD’s forthcoming 2026–2030 country strategy. No new financing agreement was announced.
Montenegro is advancing motorway extensions, railway reconstruction and improvements at the Port of Bar. These projects require engineering studies, land acquisition, environmental approvals and procurement procedures before major construction can proceed.
Energy investment presents similar requirements. The country has announced extensive wind, solar and battery project pipelines, while state-owned EPCG has signed multiple cooperation agreements with international developers and the EBRD. Memoranda of understanding and permits do not in themselves result in operating facilities. Projects must also meet requirements involving grid capacity, contracts and construction readiness.
Project Preparation Becomes a Key Constraint
Montenegro has access to financing from EU grants, the EBRD, the European Investment Bank, World Bank programmes and bilateral partners. Projects can face delays linked to incomplete documentation, procurement procedures, permitting and limited administrative capacity.
Development banks generally require feasibility studies, environmental documentation, procurement plans and transparent governance arrangements before disbursements can accelerate. These requirements help manage project risks but can also reveal institutional weaknesses when preparation is delayed.
The government’s request for additional EBRD technical support reflects the importance of strengthening project preparation alongside access to capital. A poorly prepared project worth €100 million may take years to reach the tender stage, while a smaller project with completed documentation and clear implementation arrangements may progress more quickly.
For contractors and investors, this distinction affects the timing of business opportunities. The announced size of an investment pipeline does not necessarily correspond to the volume of construction work available in the near term.
Existing Portfolio and Future Investment Needs
The €539 million EBRD portfolio represents committed and active exposure across multiple projects, rather than funds immediately available for spending. Disbursements depend on individual project milestones and implementation schedules.
The bank’s role could become increasingly important as Montenegro advances towards EU membership. EBRD financing can be combined with EU grants and technical assistance, particularly for transport, energy efficiency and environmental infrastructure, helping the government support a broader investment programme with limited public resources.
Montenegro has identified infrastructure requirements worth several billion euros across transport, water, environmental protection, energy and public services. The challenge is therefore not limited to identifying projects or securing financing, but also involves preparing investments for procurement, managing contracts and completing implementation.
