Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Montenegro

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 3, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Government of Montenegro

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Education and Health
Energy
Infrastructure

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 23.43 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 20
Converted using 2025-09-01 exchange rate.

Loan Amount (USD)

$ 23.43 million

Project Cost (USD)

$ 25.77 million

Bank Documents

PSD Translation (Montenegrin)

Other Related Projects

EBRD-54660 Education Energy Efficiency Project

Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 15, 2025

Disclosed by Bank Sep 1, 2025

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Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of the provision of a sovereign loan in the amount of up to EUR20 million to Montenegro, to finance implementation of energy efficiency measures in 23 public kindergartens, of which two are to be fully rebuilt, across the country. The Project is a follow on investment of the Education Energy Efficiency Project already supported by the EBRD in Montenegro.

The project development objectives are:

Enhancement of energy performance in the selected buildings through improved thermal comfort, air quality and lighting conditions.
Reduction of greenhouse gas emissions contributing to achieving Montenegro's 2030 reduction targets of 0.04%.

The client and the beneficiary of the Project is the Ministry of Education, Science and Innovation of Montenegro, which has overall responsibility for the education policy and strategy, maintenance and capital investments in educational buildings.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Borrower - Government of Montenegro, Ministry of Education, Science and Innovation:

Vesna Krivokapic
Email: kabinet@mpni.gov.me
Phone: +382 20 410 100
Website: https://www.gov.me/mps
Address: Vaka Djurovica bb 81000 Podgorica Montenegro

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html