Corridor News

EU continues to support energy sector in Montenegro

In July 2016, the Financing Agreement worth EUR 25 million for the implementation of the 'Trans-Balkan Electricity Corridor (I) - Grid Section in Montenegro - Part II’ was signed between German development bank-Kreditanstalt für Wiederaufbau (KfW), Ministry of Economy on behalf of Montenegro as Beneficiary, and Crnogorski Elektroprenosni Sistem (CGES) as Project Executing Agency (PEA).

This Project is part of the larger project 'Trans-Balkan Electricity Corridor (I) - Grid Section in Montenegro’that is going to increase transmission capacities, support the most efficient generation capacities use, contribute to renewable energy sources (RES) integration in European interconnected System by improving cross-border exchanges, and finally to increase the power transfer from North-West to South-East part of this region, enabling further market integration.

The Project is one of the strategic investment projects in Montenegro funded by the European Union, which confirms the significance of the project and the necessity of reinforcing infrastructural interconnectivity between the Western Balkan countries, as well as the recognition of efforts put by Montenegro in the implementation of this project so far.  

The fund for the project is going to be disbursed by the KfW, under the Western Balkans Investment Framework (WBIF) through which the EU provides financing and technical assistance, supporting its enlargement and socio-economic development in the Western Balkans countries.

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