OPEC Fund signs €50 million loan agreement with Montenegro
Dec 19, 2024
Vienna [Austria], December 19: The OPEC Fund for International Development (the OPEC Fund) has signed its first loan agreement with Montenegro, providing a €50 million loan to strengthen fiscal sustainability and the green transition in the southeast European country.
The Resilient Fiscal and Sustainable Development Program will help Montenegro improve its public financial management, support climate action and promote sustainable practices in waste management, forestry, and renewable energy. It is co-financed by the World Bank with €80 million and the French Development Agency (AfD) with €50 million and aligned with Montenegro's EU accession goals and climate commitments under the Paris Agreement.
OPEC Fund President Abdulhamid Alkhalifa said: "We are proud to partner with Montenegro for the first time, supporting reforms that address fiscal challenges while enabling the transition to a greener and more sustainable economy. This milestone marks the beginning of a strong partnership and we are committed to working closely with Montenegro to bolster its development and the delivery of its climate objectives."
Source: Emirates News Agency
