Montenegro is an upper-middle-income country with enormous growth potential. Montenegro became a member of the World Bank Group in 2007. Montenegro’s economy has huge potential, but is hindered by significant structural, economic, and fiscal risks.
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IBRD Loan: US $68.9 million equivalentTerms: Maturity = 27 years, Grace = 5 yearsProject ID: P122139Project Description: The objective of the project is to reduce contamination of Montenegro’s natural... Show More + resources and public health risks of exposure to this contamination from selected industrial waste disposal sites. Show Less -
WASHINGTON, September 19, 2014 – The World Bank’s Board of Executive Directors today approved a EUR 50 million loan (US$68.9 million equivalent) for the Industrial Waste Management and Cleanup Project... Show More + for Montenegro. The project will contribute to protecting Montenegro’s natural resources and reducing public health risks from exposure to selected industrial waste disposal sites that have significant environmental impactsWith support from this project, the selected industrial waste disposal sites will be fully remediated, and future hazardous waste from industries related to these sites will be disposed of in compliance with Montenegrin and EU legislation“This project will not only reduce the risk to public health, but will also protect some of the country’s natural resources unique to Europe – important assets for Montenegro’s economic development, including the development of the tourism sector,” said Anabela Abreu, World Bank Country Manager for Montenegro. “Industrial waste management and the management of other categories of hazardous waste are critical to environmental sustainability in Montenegro.Strengthening the regulatory framework and supporting the development of infrastructure for the management and proper disposal of ongoing industrial hazardous waste production are important elements of the project to support both the industries related to the cleanup sites, as well as other waste generators adopting environmentally acceptable solutions for future waste generationThe World Bank portfolio of active projects in Montenegro now includes five operations, totaling approximately US$137 million. Areas of support include environment, agriculture and rural development, land administration, higher education, and energy Show Less -