WASHINGTON, December 23, 2013 – The World Bank’s Board of Executive Directors approved today a EUR 5 million (US$6.8 million equivalent) Additional Financing for the Energy Efficiency Project in Montenegro. The project will support the Government of Montenegro’s efforts to improve energy efficiency of public buildings, and strengthen capacity of energy efficiency service providers in Montenegro.
The original project in the amount of EUR 6.5 (US$9.4 million equivalent) was approved in 2008 and has achieved very good results – total of 15 public sector facilities were retrofitted to make them more energy efficient (9 in the education sector and 6 in the health sector). Energy savings in the range of 30-65% have been achieved in each of the completed facilities.
The additional financing will scale up project activities to enhance the impact of a well performing project and finance investments in health facilities in the country to make them more energy efficient. About 12-14 hospitals and health care centers throughout the country will be encompassed by the project. The project activities are planned to be completed by March 31, 2017.
“The World Bank recognizes the importance of efficient energy utilization in Montenegro as the country imports significant amount of electricity to meet the needs of its consumers,” said Anabela Abreu, World Bank Country Manager for Montenegro. “Montenegro adopted its first National Energy Efficiency Action Plan (NEEAP) for 2010-2012, followed by the adoption of the indicative energy saving target of 9% until 2018, and the World Bank is happy to contribute to that target with this project.”
The Energy Efficiency Project not only contributes to the energy savings but also has an important role in the implementation of the Energy Efficiency Law, which assigned a central role for the promotion of energy efficiency to the Ministry of Economy, as well as energy efficiency obligations for public administration bodies.