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On November 19, 2024, in Podgorica, two significant agreements strengthened the partnership between the French Development Agency (AFD) and Montenegro, in the presence of Prime Minister Milojko Spajić, Minister of Finance Novica Vuković, French Ambassador Anne-Marie Maskay, and Cyrille Bellier, Director for Europe, Middle East, and Asia at AFD. These agreements symbolize a shared commitment to an ambitious green and energy transition, reinforcing bilateral relations and supporting Montenegro’s environmental goals.
The first agreement involves a €50 million loan from AFD to Montenegro's Ministry of Finance. This funding will support key reforms in waste management, renewable energy, sustainable forestry, and climate action. Signed in the presence of Prime Minister Milojko Spajić and French Ambassador Anne-Marie Maskay, this commitment marks an important milestone in the implementation of a green and resilient economy. This program is co-financed by the World Bank, bringing the total funding to €130 million.
Modernizing electric infrastructure for the energy transition
The second agreement involves a €950,000 grant for technical support to Montenegro’s electricity grid. Signed by Crnogorski Elektroprenosni Sistem (CGES), AFD, and RTE International, this project aims to modernize strategic infrastructure, including the Perućica and Pljevlja substations. These upgrades will allow for the integration of more renewable energy sources and reduce network losses, in line with the goal of achieving carbon neutrality by 2050.
A partnership for a sustainable future
These two initiatives reflect AFD Group’s commitment to supporting Montenegro in its environmental and energy transitions. “This agreement represents a key milestone in supporting Montenegro’s climate priorities, aligned with the Paris Agreement and the adoption of European standards,” said Cyrille Bellier, Director for Europe, Middle East, and Asia at AFD.
Novica Vuković, Minister of Finance, added: “This collaboration with AFD and the World Bank demonstrates our shared ambition to build a green and resilient economy, benefiting our citizens and future generations.”
Together, these projects promote the transition to a green economy, improve the quality of life for Montenegrin citizens, and strengthen the ties between Montenegro and France.
Press contact :
Gabriel Jacquet : jacquetg@afd.fr