In 2025, the European Bank for Reconstruction and Development (EBRD) achieved a record year in Montenegro, committing €215 million across 18 projects – the highest annual business volume and project count since the Bank began operating in the country. Nearly half of these investments supported the green transition, reinforcing Montenegro’s shift towards a more sustainable and climate-resilient economy while enhancing long-term energy security. In addition, two-thirds of all projects promoted gender equality and economic inclusion, reflecting the Bank’s commitment to broadening opportunities and fostering inclusive growth. Co-financiers contributed an additional €15 million, further extending the impact of the Bank’s work across key sectors.
Remon Zakaria, Head of EBRD in Montenegro, described 2025 as a landmark year. He noted that the Bank supported strategic transport infrastructure, digitalised the electricity distribution system, invested in renewable energy, expanded financing for SMEs and households through local partner banks, and backed private-sector partners in delivering sustainable investments. These results, he said, reflect the trust of partners, the government, and the private sector, and demonstrate the Bank’s long-term commitment to Montenegro’s green transition, connectivity, and economic resilience.
A major highlight of the year was the €200 million financing for the Mateševo–Andrijevica section of the Bar–Boljare highway, a strategic transport link designed to improve regional connectivity, unlock economic potential in northern Montenegro, and enhance mobility and road safety nationwide. Co-financed with up to €150 million in EU grants and forming part of the TEN-T core network, the project is expected to boost tourism, trade, and regional integration.
The Bank also reinforced Montenegro’s green transition through a number of energy investments. A €35 million loan supported the digitalisation of the national electricity distribution system, improving reliability, safety, and integration of renewable energy, while contributing to long-term energy security. The €26 million expansion of the Gvozd wind farm increased its capacity to 75 MW, building on momentum from Montenegro’s first international renewable energy auctions launched in July 2025 with EBRD support. These initiatives represent major steps toward a transparent, market-based renewable energy sector that enables competitive pricing for consumers. Green financing for MSMEs and households also expanded through the SME Go Green, GEFF, and REPower credit lines delivered with local partner banks.
The Bank deepened support for Montenegrin companies, including a €25 million portage equity investment in Voli Trade to develop a modern, energy-efficient logistics and distribution centre in Podgorica. This investment strengthened competitiveness, encouraged digitalisation, and promoted equal opportunities in the retail sector. Support for private-sector competitiveness was a defining feature of the Bank’s work, with 30 SMEs benefiting from advisory programmes and over 220 enterprises participating in workshops, masterclasses, and mentoring.
Additional financing under the SME Competitiveness Support Programme and the launch of Montenegro’s first Portfolio Risk Sharing Facility with CKB further improved access to finance, particularly for smaller companies. Preparations also advanced for the Montenegro Credit Guarantee Fund, expected to become operational by the end of 2026, which will significantly expand lending opportunities for underserved MSMEs.
The EBRD advanced initiatives promoting inclusion, skills development, and good governance. New programmes were introduced to prevent and respond to gender-based violence in the health and education sectors, while expanded Youth and Women in Business credit lines with Alter Modus, CKB, and Erste improved financing for young entrepreneurs and women-led MSMEs. Inclusive governance practices were integrated into major infrastructure projects, supporting broader participation in the economy.
The Bank worked closely with the Government of Montenegro on business-environment reforms, helping to adopt the Company Law and the Law on Business Registration. The establishment of the RES Association created an organised platform for renewable-energy investors, further strengthening the country’s investment environment.
Donor partnerships, particularly with the EU, Western Balkans Investment Framework, the EBRD’s High-Impact Partnership on Climate Action, and bilateral contributors from Austria, Italy, and Japan, were instrumental in preparing and implementing strategic energy, infrastructure, and reform projects. Since beginning operations in Montenegro, the EBRD has invested over €1 billion across more than 100 projects, supporting sustainable economic development, private-sector growth, and regional integration.
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