Montenegro’s state-owned railway infrastructure company Željeznička infrastruktura Crne Gore (ŽICG) recorded a €3.12 million loss in the first half of 2026, with lower-than-expected state support contributing significantly to the deficit. ŽICG reported €8.44 million in total revenue against approximately €11.6 million in expenditure during the period. The company had projected €7.5 million in state subsidies for infrastructure maintenance during the first six months but received €5 million, resulting in a funding gap of around €2.5 million.
Revenue collected from railway operators for network access amounted to only €448,000, leaving ŽICG heavily dependent on state budget support. The company is seeking approval to increase charges for access to railway infrastructure, property and telecommunications assets.
Higher network-access charges could increase costs for passenger and freight operators, including Montecargo, the Port of Bar and companies using Montenegro’s north-south railway corridor. ŽICG reported approximately €5.4 million in receivables, with around €4.46 million owed by Montecargo. At the same time, ŽICG had approximately €7.5 million in unpaid taxes and social contributions at the end of June.
The company’s financial pressures coincide with planned investment in Montenegro’s railway infrastructure. A €225.6 million financing package backed by the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB) and European Union is being prepared for investment in the Bar railway. The railway system is therefore facing increased infrastructure investment alongside financial pressures within the state-owned company responsible for its infrastructure. Any changes to network-access charges would affect the costs of rail freight and passenger transport, including cargo moving through the Port of Bar.
