IFC as Montenegro's adviser in construction of Bar-Boljare highway

International Finance Corporation - IFC, a member of the World Bank Group, has signed the contract with the Montenegrin Ministry of Transportation, Maritime Affairs and Telecommunications on supply of consulting services in the process of realization of public-private partnership for Bar-Boljare highway.

IFC will be the leading adviser of the ministry and it will helping the ministry attract the investors for the new highway.

Bar-Boljare highway, which will cost about 2 billion EUR, will connect the north of Montenegro with the capital city, Podgorica, and the Adriatic coast.

The highway will provide for extremely important connection between the north and the south of Montenegro and, as a part of European corridor Budapest-Belgrade-Bar, it will connect Montenegro with central Europe. It will also serve as an alternative route between central European and the Mediterranean basin, assisting in improvement of transportation of freight and tourists.

Montenegrin Minister of Transportation, Maritime Affairs and Telecommunications, Andrija Lompar, said that the Government of Montenegro had decided to develop that highway "through competitive and transparent process" and that, in accordance with that tendency, the decision had been made about giving the mandate to IFC, the member of the World Bank Group, to advise the Ministry "in the selection of qualified investor for construction and maintenance of the highway".

- We in the World Bank Group strongly believe that the decision of the Government to have Bar-Boljare highway built will bring visible economic and social benefits to Montenegro and that it will help in the integration of the economy of the country into European market - said Anđelo Del Ati, the Executive Manager of IFC for consulting in infrastructure of southeast Europe.

IFC, a member of the World Bank Group, stimulates sustainable economic growth in the developing countries by financing investments in the private sector, by mobilizing private capital at local and international financial markets and by providing consulting services to business companies and governments. In fiscal year 2007, IFC provided 8.2 billion USD and mobilized additional 3.9 billion USD for 299 investments in 69 developing countries. IFC also provided consulting services in 97 countries.