The OPEC Fund for International Development (the OPEC Fund) has signed its first loan agreement with Montenegro, providing a $51 million (€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.
Dr. Abdulhamid Alkhalifa President OPEC Fund
“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.”
According to the statement, it is co-financed by the World Bank with $83 million (€80 million) and the French Development Agency (AFD) with $51 million (€50 million) and aligned with Montenegro’s EU accession goals and climate commitments under the Paris Agreement.
Earlier this month, the OPEC Fund signed a $40 million loan as part of a $394 million sustainability-linked loan for ETC Group (ETG), one of Africa’s largest agricultural commodity supply chain managers.
The OPEC Fund is an international development finance institution established by member countries of the Organization of the Petroleum Exporting Countries (OPEC) in 1976. Its mission is to provide financial support for development projects in low- and middle-income countries, particularly in sectors such as infrastructure, energy, healthcare, education, and agriculture.
