World Bank ready to provide USD 50 million support to Montenegro in 2013

The World Bank (WB) is ready to provide financial support to Montenegro again this year, and to that end is preparing a USD 50 million development loan, it was announced Wednesday (23 January 2013) in Podgorica after a meeting between Montenegrin Finance Minister Radoje Zugic and a World Bank representative.

As it was announced in a release issued by the Montenegrin government, Zugic met with a WB delegation led by Abebe Adugna, the chief economist of that finance institution.

It was confirmed at the meeting that the cooperation between Montenegro and the WB was very successful, as proved by previous mutual arrangements, as well as that the international institution was ready to financially support Montenegro in 2013 as well.

Therefore, the main topic of the meeting was the preparation of a USD 50 million development loan. Conclusion of this arrangement would provide Montenegro with access to funds under much more favorable terms than in the arrangements with commercial banks, the release reads.

Zugic noted that, in the time of great instability and unforeseeable conditions in international financial markets, such support would be of huge importance to Montenegro because it would help the country improve its public debt structure.