Luxembourg, 04/03/2004 (Agence Europe) - The European Investment Bank (EIB) is providing EUR 12 million for Airports of Montenegro Ltd., the state-owned company, to upgrade the infrastructure and equipment necessary to safely operate the Podgorica and Tivat airports. Alongside this, is a EUR 11 million loan from the EBRD. The European Union and France have provided technical cooperation funding in support of this project. In addition, the European Agency for Reconstruction and USAID are offering technical assistance to strengthen the project management and to improve corporate capabilities. This modernisation project focuses on the highest priority needs. By upgrading the infrastructure according to international aviation standards, both airports will be able to attract international carriers as regular clients. This project will contribute to the future development of the country, benefiting tourists, businesspeople and local citizens. The airports of Podgorica and Tivat have suffered from a lack of proper maintenance and investment during years of economic isolation. Airports of Montenegro” is an independently managed company, whose shareholding is 100% in the hands of the Government of Montenegro. The latter took over the ownership and the operation of the airports of Podgorica and Tivat from Yugoslav Air Transport (JAT) in April 2003.
The EIB is progressively increasing its long-term lending in the Balkan countries. The EIB looks forward to a closer integration of the Balkans region and the European Union; it is now focusing on investments to improve human capital, municipal development and to stimulate the private sector, particularly SMEs.