Montenegro obtained loan of 27m EUR from European Investment Bank for waste management system

European Investment Bank (EIB) and Montenegro signed the contract in Podgorica today (November 24, 2009) on the loan of 27m EUR for solid waste management system.

The money from the loan, which will be realized through the Ministry of Spatial Planning and Environment Protection, will be spent on the first phase of creation of the national waste management system in accordance with EU standards.

Total value of the project that includes, among the rest, construction of recycling unit and refurbishment of 30 landfills, reaches 54m EUR.

The funds from EIB's loan will contribute to creation of Montenegrin national solid waste management system, as well as reduction of water and soil pollution.

Granting of the loan, as the creditor explained, points to the significance that EIB attributues to the investments in ecology, especially in the countries that are potential candidates for admission to EU.

EIB, EU's finance institution, finances the projects in western Balkans that contribute to acceleration of the process of integration of the countries from the region into EU.

Since 2002, when it started with the activities in that country, EIB has approved about 200m EUR worth of loans to Montenegro.