CBCG Meets the World Bank: Green Transition – Montenegro’s Necessity and a Development Opportunity
02/02/2024
The CBCG Governor Irena Radović and her team met today with the World Bank Group team led by the Head of the World Bank Office for Montenegro and Bosnia and Herzegovina, Christopher Sheldon.
The meeting was organised under consultation on the Partnership Framework for Montenegro 2024 to 2028, a joint strategic document of the World Bank and the Government of Montenegro summarising the priority areas to which the World Bank will direct assistance during the specified period.
Mr. Sheldon said that the new World Bank Group’s framework will support reform processes in Montenegro aimed at increasing economic resilience, inclusive growth and more sustainable environmental protection.
Discussing Montenegro’s future economic development directions, the speakers agreed on the necessity to strengthen fiscal resilience and define a better management model of natural resources for more sustainable and inclusive growth. They highlighted the need to provide simpler and faster access to finance for micro, small and medium-sized enterprises in Montenegro. In that direction, it is necessary to improve their financial literacy and, in parallel, simplify administrative procedures, primarily through providing electronic access to databases of relevant institutions, the Governor said.
They highlighted the importance of the green transition, emphasising that it can answer the challenges Montenegrin tourism, agriculture and industry are facing. Achieving positive results on this path requires the state’s systemic approach and adequate support, was the meeting message.
“Supporting green investments must be our economic policy’s focus, and the CBCG will be absolutely committed to improving the environment for implementing climate projects,” the Governor said.
Governor Radović thanked Mr Sheldon for the continuous World Bank’ support to the CBCG, especially for the technical assistance programmes for the payment system modernisation and the improvement of the CBCG supervisory capacities.
At the meeting, they expressed joint readiness to improve further the cooperation between the CBCG and the World Bank, and agreed upon further coordination at the operational level.