The European Investment Bank (EIB) signed a second tranche worth €40 million for the rehabilitation of 180 kilometres of road along the five main routes in Montenegro.
The loan from the EU bank is complemented by a €1.5 million technical assistance grant awarded under the Economic Resilience Initiative (ERI). It is the first ERI grant to be awarded to a project in the Western Balkans.
The total EIB investment worth €80 million is expected to increase road safety and efficiency and facilitate faster economic recovery and regional trade.
The modernisation of roads and increased safety along the reconstructed sections will reduce vehicle operating costs, commute times and the frequency of road accidents.
Some 4.100 temporary jobs will be created under this project, supporting the private sector in Montenegro.