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European Union

European Investment Bank Signs Host Country Agreement with Montenegro, to Provide €20.3 Million for Education Sector

Strategic Insights

— 1 min read

European Investment Bank (EIB) Vice-President Robert de Groot and Montenegro's Minister of Finance Novica Vukovic signed a Host Country Agreement at the EIB Global headquarters in Luxembourg, reaffirming EIB's commitment to supporting Montenegro on its path towards EU convergence. The agreement paves the way for an EIB Representative to be based in Montenegro, ensuring closer collaboration in the future. In a separate move, the EIB has signed a €20.3 million financing package for Montenegro's education sector, comprising a €18 million loan to the Montenegrin government and a €2.3 million grant to UNOPS for technical assistance.

Key Takeaways:

  • The EIB has signed a Host Country Agreement with Montenegro, reaffirming its commitment to supporting the country's EU convergence.
  • The agreement paves the way for an EIB Representative to be based in Montenegro, ensuring closer collaboration in the future.
  • The EIB has provided a €20.3 million financing package for Montenegro's education sector, the largest ever investment in the sector.
  • The €18 million loan will be used for the renovation and digitalisation of pre-primary, primary and secondary schools in Montenegro.
  • The €2.3 million grant will be used by UNOPS for technical assistance to the Montenegrin Ministry of Education, including assessing existing school infrastructure and preparing key investment projects.
  • The EIB's Economic Resilience Initiative has backed the grant awarded, which supports impactful projects in the Western Balkans.
  • UNOPS has years of experience working with the Montenegrin government to advance a range of areas, including education.
  • The European Union is helping Montenegro improve everyday conditions of pupils and teachers across the country, with the renovated classrooms, energy-efficient buildings, and modern equipment supporting long-term economic development and social cohesion.

Statistics:

  • €20.3 million: Total financing package for Montenegro's education sector.
  • €18 million: Loan to the Montenegrin government for school renovations.
  • €2.3 million: Grant to UNOPS for technical assistance to the Montenegrin Ministry of Education.
  • €100 billion: EIB Global's target for investment by the end of 2027, within the EU's Global Gateway initiative.
  • €55 million: Total EIB Global support for education in Montenegro since 2019, including an EU grant of €11 million under the Western Balkans Investment Framework.
  • €1.1 billion: Total loans provided by the EIB to Montenegro, mostly in support of SMEs, education, and transport infrastructure.

Sources:

  • European Investment Bank (EIB)
  • UNOPS (United Nations Office for Project Services)
  • European Union (EU)
  • Montenegrin Ministry of Education
  • Montenegrin Ministry of Finance

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