Belgrade, Serbia (15 November 2014) — Signing of the commercial and financial agreements with China’s partners on the construction of the priority part of the Bar – Boljare highway is of utmost importance for Montenegro’s further rapid economic development. Although the smallest country within the cooperation framework between China and Central and East Europe countries, Montenegro has succeeded in taking advantage of the largest part of the allocated loan funds, but there are also several other projects that may be nominated, provided that challenges that limit the cooperation are resolved, Montenegro’s national coordinator Goran Jovetić underlined at the 4th meeting of the initiative’s national coordinators, which was held Friday in Belgrade.
Mr Jovetić put special emphasis on the need to find new mechanisms of financing joint projects, as the existing model, which includes the provision of guarantees for the loans is not sustainable in many states of the initiative, with regard to the levels of public debt and the constraints imposed by the EU rules. He also reiterated that Montenegro, despite the excellent cooperation, faces challenges related to underutilised capacity, low investment from China and low level of export, adding that the key sectors of cooperation should be tourism, energy, infrastructure and agriculture.
The Belgrade’s meeting paid particular attention to the preparation of the upcoming summit of heads of government of China and CEE countries, scheduled for 16 December in Belgrade, and drafting the new cooperation guidelines. In that regard, the focus will be placed on benefits, effects achieved and challenges of the cooperation within the initiative. Reconstruction of the Belgrade-Budapest railway was highlighted as one of the priority projects, as well as a part of the railway going through Montenegro and increased development of the Port of Bar.
Source: Government of Montenegro