Podgorica, (MINA-BUSINESS) – The Ministry of Transport and the European Bank for Reconstruction and Development (EBRD) have signed a grant agreement to finance the construction of the Matesevo–Andrijevica section of the Bar–Boljare motorway.

The agreement was signed by the Ministry of Transport’s coordinator Filip Radulovic, Head of the EBRD Office in Montenegro Remon Zakaria, Director of the Transport Administration Radomir Vuksanovic, and Executive Director of Monteput Milan Ljiljanic.

Following tenders conducted in line with EBRD procedures, Monteput signed a contract at the end of February with the contractor for the construction of the Matesevo–Andrijevica section.

“For the implementation of the project to build the second section, an EBRD loan of €200 million has been secured, as agreed in July last year through a project agreement and a loan agreement with the bank,” the Ministry said in a press release.

A European Union (EU) grant of €150 million has also been secured, as envisaged by a financial agreement between the EU and Montenegro, signed in December 2024.

In order to implement the financial agreement, a grant contract was also signed with the EBRD, which undertakes to provide and disburse the non-repayable funds.