Podgorica, (MINA-BUSINESS) – In cooperation with the World Bank, the Ministry of Finance has successfully secured €33 million in financing for the implementation of the Climate Resilient Fisheries and Agrifood Sector Development Project.

 

The Ministry stated in a press release that this confirms Montenegro’s credibility in managing responsible and development-oriented public finances. 

 

“The loan arrangement is the result of intensive negotiations and coordination led by the Ministry of Finance, in cooperation with line ministries and the World Bank, with the aim of directing funds toward projects with high economic, fiscal, and social impact,” the press release reads.

 

According to the press release, the project is an example of strategic investment aimed at strengthening the fisheries and agrifood sectors through improved service delivery, infrastructure modernization, and alignment with European Union standards.

 

“At the same time, this project is an important instrument for fulfilling obligations under EU negotiating chapters 11 – Agriculture and rural development, 12 – Food safety, veterinary and phytosanitary policy, and 13 - Fisheries, involving the implementation of important reforms, including the establishment of a system for managing animal by-products,” the Ministry said. 

 

As part of the project, construction will be financed for Montenegro’s first modern fishing port, located at Cape Djeran in Ulcinj, creating the preconditions for improving competitiveness, increasing product quality, and strengthening the local economy.

 

“A special component of the project focuses on strengthening Montenegro’s institutional capacity to implement the EU Common Agricultural Policy and ensuring full alignment with EU directives related to direct support schemes for agricultural producers and rural development measures,” the press release reads. 

 

To this end, the project envisages the establishment of a Paying Agency Regional Office, which will enable more efficient delivery of services to farmers, improve controls and payment transparency, and contribute to better management of budget funds allocated to agriculture and rural development. 

 

Additionally, the project will support the establishment of a comprehensive, and environmentally sustainable system for the safe collection, disposal, and/or processing of animal by-products in line with EU regulations and national legislation. These investments will be accompanied by institutional reforms and capacity-building programmes to improve governance and the quality of public services.

 

 “Montenegro remains fully committed to continuing its successful cooperation with the World Bank, confident that joint projects contribute to faster alignment with European standards, strengthened economic resilience, and the transition toward sustainable, green, and competitive development,” the Ministry stated.

 

The project also marks an important step in implementing reforms within the EU accession process, particularly in the fields of public finances, agriculture, and rural development. It is fully aligned with the National Strategy of Sustainable Development until 2030, the Tourism Development Strategy 2022–2025, and the Strategy for the Development of Agriculture and Rural Areas 2023–2028, reaffirming the Ministry of Finance’s clear commitment to strongly support Montenegro’s sustainable and inclusive economic development through responsible public financial management.