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Privatization and Investments Together for the Development of Bjelasica The Ministry of Sustainable Development and Tourism and the Ministry of Finance, together with the municipalities Kolašin, Andrijevica, Mojkovac, Berane and Plav, will exchange development plans for the region of Bjelasica and Komovi. The plans could then soon be passed on to the Government for adoption. Within the next few weeks, a proposal for development will be prepared and coordinated by government and municipality representatives. By forming one single company or similar type of organization, will enable more efficient and qualitative contact with investors.
Montenegro Plans to Issue Eurobonds in the First Half of the Year Montenegro plans to issue a new set of Eurobonds during the first half of 2011. This follows last year’s successful initial placement of €200 million ($266 million) debt paper – announced Finance Minister Milorad Katnić. The country budget for this year allows for borrowing of up to €180 million, while an additional €53 has been foreseen for infrastructure projects. The preparation phase for the issue of Eurobonds has already started and the government is now in the process of selecting financial institutions to act as advisors in the process. The issue of Eurobonds has several positive elements. Firstly, the country is presented to a great number of investors through the process.
A Renewable Energy System Around the Globe by 2050 The Energy Report that was published by Ecofys, WWF and AMO is a comprehensive study claiming that the world can be 100% reliant on renewable energy by 2050. It demonstrates the feasibility of such ambitions across the whole planet.A fully sustainable and renewable global energy system is possible by 2050. The report proposes to address the urgent problems caused by looming climate change. The world’s energy needs could be met entirely by renewable sources. For several reasons, the world will need an adapted energy system to accommodate its growing population. Climate change, depletion of natural resources and a growing dependence on only a few energy suppliers are a threat to our current system. Renewable sources such as solar energy, wind, hydro and bioenergy are necessary for a sustainable balance. Source: http://www.mipa.co.me.
IFC Helps Finance Highway Bypass in Podgorica IFC, a member of the World Bank Group, is lending about €10 million to Montenegro’s capital city, Podgorica, to help complete a bypass highway that will eliminate traffic bottlenecks on the road leading to the Adriatic Sea. The new highway will enable easier access by tourists to the Adriatic coast, and will contribute to the country’s reintegration into international trade networks. The total cost of the project is about €30 million. IFC’s long-term financing reflects its strategic focus on enabling investment in municipal infrastructure within the region. The European Union has recognized the project as a regional priority and has provided a grant of €4 million for its completion. Podgorica is the capital of Montenegro and also its largest city. It has a population of around 200,000. Podgorica is also the administrative, financial, telecommunications, and university center of the country. It has a strong economic base focused on the aluminum, construction, and tourism sector.
EBRD lends Montenegro €35 million to Upgrade Power Network The European Bank for Reconstruction and Development has said that it will lend Montenegro €35 million ($46.7 million) to upgrade its power distribution network. Montenegro’s power company, Elektroprivreda Crne Gore AD (EPCG), is 43.7 percent owned by the Italian company A2A. It will use the money it receives to buy and install 175,000 “smart electricity meters throughout the grid.” EPCG, whose share majority is owned by the government, is struggling with a high level of losses in the distribution network and a low collection rate.” New meters will mark the start of the transformation of EPCG’s network into a modern, smart power grid which will lead to the reduction of CO2 emissions by approximately 88,000 tons a year.