BAKU, Azerbaijan, July 5. At the European Investment Bank (EIB Global)'s Headquarters in Luxembourg, EIB Vice-President Robert de Groot and Montenegro's Minister of Finance, Novica Vukovic, signed a Host Country Agreement between the EIB and Montenegro, Trend report via the EIB's latest reports.
This milestone reaffirms EIB Global's commitment to supporting Montenegro on its path towards convergence with the EU while paving the way for an EIB Representative to be based in the country for closer collaboration in the future.
In the presence of Montenegro's Minister of Education Andjela Jakšić-Stojanović and UNOPS Assistant Secretary-General and Deputy Executive Director for Delivery and Partnerships Kirstine Damkjaer, EIB Global signed a 20.3 million euro package for the Montenegrin education sector. These funds comprise an 18 million euro loan to the Montenegrin government and a grant to the United Nations Office for Project Services (UNOPS) of 2.3 million euros for technical assistance to ensure that the funds are used strategically and impactfully.
The loan will go towards the renovation and digitalization of pre-primary, primary, and secondary schools in Montenegro, as well as energy-efficiency improvements and the installation of new equipment for vocational training. Provided under the EIB’s Economic Resilience Initiative, the grant will be used by UNOPS to deliver technical support to the Montenegrin Ministry of Education in assessing existing school infrastructure and preparing key investment projects, while ensuring a strategic and impactful deployment of funds.
“The Host Country Agreement signed today formalizes the strong EIB support to Montenegro and marks a new chapter in our longstanding cooperation. This, alongside today's new financing for Montenegro’s education sector, is set to bolster the country’s economic resilience. By creating a cutting-edge learning environment, we will deliver immediate and lasting benefits for students and teachers across Montenegro, while fostering youth employability and economic sustainability in response to evolving market demands,” EIB Vice-President Robert de Groot said.
“Today’s signing of the loan agreement to improve education infrastructure, along with a Host Country Agreement establishing the EIB’s presence in Montenegro, strongly reaffirms the strategic partnership and mutual trust we have built over the years. These investments are not just about renovating schools – they are about investing in people, in knowledge, and in Montenegro’s future. The EIB’s physical presence in our country will further strengthen cooperation and ensure more effective implementation of development projects that serve our citizens and accelerate our path toward EU integration,” said Finance Minister Novica Vuković.
The new accords bring total EIB Global support for education in Montenegro to 55 million euros since 2019, including an EU grant of 11 million euros provided under the Western Balkans Investment Framework. One result of previous financing in this area is the opening of the Vladimir Nazor primary school in Podgorica.
“The project entitled ‘Enhancing the Montenegrin Education System,’ implemented by the Ministry of Education, Science and Innovation in cooperation with the Ministry of Finance and the European Investment Bank, is already producing tangible results. We are building new schools, renovating existing facilities, modernizing vocational schools, and investing in advanced equipment and infrastructure. This represents the most comprehensive investment in education infrastructure in the history of our country. My special thanks go to the EIB and UNOPS for their continued trust, support, and commitment to our shared vision for the future of education in Montenegro,” said Education Minister Andjela Jakšić-Stojanović.
UNOPS has years of experience working with the Montenegrin government to advance a range of areas including education.
“This agreement marks a milestone in UNOPS’ partnership with the EIB and the Government of Montenegro. UNOPS is proud to play a role in driving a transformative shift in Montenegro’s education system to ensure that appropriate infrastructure addresses the needs of people and becomes the enabler of key reforms in the country,” said Kirstine Damkjaer, UNOPS Deputy Executive Director for Delivery and Partnerships.
“With this new investment, the European Union is helping Montenegro improve the everyday conditions of pupils and teachers across the country. Renovated classrooms, energy-efficient buildings, and modern equipment are not only vital for quality education they also support long-term economic development and social cohesion. This is a strategic investment in Montenegro’s future and a clear sign of our continued partnership on the path to EU membership,” said EU Ambassador to Montenegro Johan Sattler.
The EIB is the long-term financing institution of the European Union, owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB supports projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). EIB Global is the EIB Group’s specialized arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. It aims to support 100 billion euros of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local people, companies, and institutions through its offices around the world.
