Podgorica, (MINA-BUSINESS) – The Government has concluded loan and project agreements with the European Bank for Reconstruction and Development (EBRD) for financing and implementing the construction of the second section of the Bar-Boljare motorway.

The signing ceremony, attended by Prime Minister Milojko Spajic, took place at Villa Gorica, where the necessary documents were signed to secure €150 million in grants and €200 million in favourable loans for Montenegro. 

According to a press release from the Government, the contractor for the second motorway section is expected to be selected in September, after which preparatory works will begin.

Spajic reminded that the construction of road infrastructure was an absolute priority for the Government, serving as a pillar of Montenegro’s fundamental and sustainable development.

For the EBRD, the continuation of the motorway construction marks the 100th project they support in Montenegro.

Matteo Colangeli, EBRD Regional Director for Western Balkans, which signed a loan agreement with Minister of Finance Novica Vukovic, said that modern and reliable transport infrastructure was essential for Montenegro’s economic development, especially in boosting tourism, trade, and regional integration. 

“The Bar–Boljare Highway is more than just a road – it’s a strategic investment that will improve connectivity across the country’s challenging terrain, link the Adriatic coast with inland regions and neighbouring countries, and unlock the economic potential of northern Montenegro. We are proud that this initiative marks the EBRD’s 100th project in Montenegro, bringing our total investment in the country to over €1 billion since starting operation in 2006,” said Colangeli. 

The investment is financed through a combination of EU grants, EBRD loan, and funds from the state budget.