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Montenegro receives 350 million Euros from EBRD & EU for transportation upgrade

The European Bank for Reconstruction and Development and European Union have granted 350 million Euros to Montenegro in order to improve transport connectivity between the Balkan country and the rest of the region. This was announced by the EBRD on Thursday.

The EBRD is providing a loan up to 200 millions euros for the construction of the Matesevo - Andrijevica segment of the highway that connects the Adriatic port Bar to the Serbian border. Meanwhile, the EU will provide two investment grants amounting to 150 million euro.

Johann Sattler said that the grants were a clear message from the EU to Montenegro about its support for the country's path towards EU integration.

The 22-km stretch of road will pass through difficult terrain and connect Montenegro’s economically active south and centre with its underdeveloped northern region.

EU has already granted a grant of 4.7 million euros for a feasibility report for the Bar-Boljare Highway under the Western Balkans Investment Framework. The project is an integral part the Trans-European Transport Networks.

Matteo Colangeli is the Regional Director of EBRD for Western Balkans. He said: "Modern, reliable transport infrastructure will be essential to Montenegro’s economic growth, particularly in boosting trade, tourism and regional integration."

Sattler, the EU's representative in Montenegro, added that in recent years, the EU has provided grants totaling more than 350 millions of euros for transportation projects in Montenegro.

Since 2012, the EU has been in accession talks for Montenegro. 33 of 35 total chapters of negotiation - in which the candidate must emulate EU law - have already been opened. Three of these chapters are currently in progress. (Reporting and editing by Kirsten Doovan; Daria Sito Sucic)

(source: Reuters)