Podgorica, Montenegro, December 27, 2010
—IFC, a member of the World Bank Group, is lending about €10 million to Montenegro’s capital city of Podgorica to help complete a bypass highway that will eliminate traffic bottleneck on the road leading to the Adriatic Sea.
The new highway will enable easier access by tourists to the Adriatic coast, and contribute to the country’s reintegration into international trade networks.
“The Eastern Bypass is a priority for the city of Podgorica. It is a project of regional importance, and IFC has proven to be a reliable and responsive partner for its completion,” said Miomir Mugosa, Mayor of Podgorica.
The total cost of the project is about €30 million, and IFC’s long-term financing reflects its strategic focus on enabling investments in municipal infrastructure in the region. The European Union recognized the project as a regional priority and provided a grant of €4 million for its completion.
“The citizens of Podgorica also will benefit from reduced air pollution and fewer traffic accidents,” said Giovanni Daniele, IFC Resident Representative in the Western Balkans. “We see this as a first step toward building a long-term partnership with the city of Podgorica and the people of Montenegro.”
Podgorica is the capital of Montenegro and its largest city, with a population of around 200,000. Podgorica is also the administrative, financial, telecommunications, and university center of the country, with a strong economic base focusing on the aluminum, construction, and tourism sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
