OPEC Fund signs first ever loan with Montenegro, providing €50 million for resilient fiscal and sustainable development

December 18, 2024: The OPEC Fund for International Development (the OPEC Fund) has signed its first loan agreement with Montenegro, providing a €50 million loan to strengthen fiscal sustainability and the green transition in the southeast European country.

The Resilient Fiscal and Sustainable Development Program will help Montenegro improve its public financial management, support climate action and promote sustainable practices in waste management, forestry, and renewable energy. It is co-financed by the World Bank with €80 million and the French Development Agency (AfD) with €50 million and aligned with Montenegro’s EU accession goals and climate commitments under the Paris Agreement.

OPEC Fund President Abdulhamid Alkhalifa said: 

"We are proud to partner with Montenegro for the first time, supporting reforms that address fiscal challenges while enabling the transition to a greener and more sustainable economy. This milestone marks the beginning of a strong partnership and we are committed to working closely with Montenegro to bolster its development and the delivery of its climate objectives.”

Novica Vuković, Montenegro’s Minister of Finance, added: 

"The partnership with a respected partner such as the OPEC Fund represents a significant milestone in Montenegro’s development path. Our goal is a ’greener’ future, finding the right balance between a healthy economy and a healthy environment. We strive to implement an ambitious agenda of capital projects, with a strong development focus, while upholding highest levels of environmental responsibility and awareness of the importance of balanced and sustainable growth. In this endeavor the support of the OPEC Fund is invaluable. Moving forward, our focus will increasingly be on energy efficiency as a cost effective and rapid means to enhance energy supply security, as well as on additional investments in renewable energy sources and infrastructure to strengthen Montenegro’s position as a regional energy hub."

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.