The European Investment Bank announced on 6 November its first investment in an education project in Montenegro, a €18 million loan to finance the construction and renovation of education facilities across the country.
The investment also includes the provision of new IT equipment. The financing will focus on increasing the country’s schooling infrastructure capacity by creating additional 2.070 places, aiming to tackle the issue of overcrowding in primary schools. Additionally, the project will help create around 530 new full-time jobs, mostly for teachers.
Contributing to the upgrade of the school system in the country is in line with the Bank’s ongoing support for education in the Western Balkans region. The EIB is the leading international financier in the Western Balkans, with its projects totaling almost €8 billion in the region.