Podgorica, (MINA-BUSINESS) – Porto Montenegro, the marina village and maritime services hub developed by Adriatic Marinas, has entered into a strategic partnership with the International Finance Corporation (IFC), the World Bank Group institution focused on private sector development.

According to a press release from Porto Montenegro, IFC’s US$80 million investment will support the project’s continued expansion by creating new jobs, attracting investment, strengthening local supply chains, and enhancing Montenegro’s tourism and maritime sectors.

The company noted that tourism accounts for approximately 26 percent of Montenegro’s gross domestic product (GDP) and around 22 percent of total employment.

“The project will help strengthen year-round economic activity, reducing dependence on seasonal tourism. The investment will also promote higher standards in water resource management, waste management, and energy efficiency.,” the press release reads.

The project is expected to create new opportunities for local businesses, suppliers, and communities.

Porto Montenegro Chief Executive Officer David Margason said the partnership with IFC reflects confidence in Montenegro's long-term potential and in Porto Montenegro’s vision for future development.

Wiebke Schloemer, IFC Director for the Western Balkans and the South Caucasus, said that Porto Montenegro demonstrates how private investment can strengthen Montenegro’s tourism and maritime sectors while raising standards and attracting additional investment.