Porto Montenegro is to see an $80 million investment to further develop its facilities.
The investment is from the World Bank’s International Finance Corporation (IFC) arm, which has established a partnership with Porto Montenegro aimed at supporting economic growth, job creation, and the implementation of higher environmental standards in the country.
It is intended that the investment in the marina in Tivat, Montenegro, will further attract private capital and strengthen local supply chains, as well as contributing to the improvement of the tourism and maritime sectors.
Special focus will be on the development of content and services that can operate throughout the year, to reduce the Montenegrin economy’s dependence on the summer tourist season.
Porto Montenegro points out that tourism accounts for approximately 26% of the gross domestic product of Montenegro and accounts for approximately 22% of total employment.
New economic opportunities
For this reason, the extension of the tourist season and the development of year-round activities are considered important for more stable incomes, greater employment and the long-term competitiveness of the state.
“The partnership will support the next phase of the destination’s development, creating new economic opportunities, improving infrastructure and bringing long-term value to local communities,” said Porto Montenegro executive director David Margason.
IFC director for the Western Balkans and South Caucasus Wiebke Schloemer added: “By supporting year-round activities and expanding the range of services and opportunities, this project can contribute to the creation of new jobs, strengthening local supply chains, and the long-term competitiveness of the country.”
IFC also points out that the investment will encourage the implementation of internationally recognised environmental and construction standards, especially in the areas of water resources and waste management, together with increasing energy efficiency.
