Page 92 - bne IntelliNews Southeastern Europe Outlook 2025

grant of 10% of the loan or 15% of investments in renewable energy and the agribusiness value chain.
The EBRD is also lending up to €10mn to Montenegro’s Hipotekarna Banka Podgorica to be used for mortgage loans to individuals. The bank will use the loan to provide long-term residential mortgage loans in Montenegro.
5.7.3 Industry
Montenegro plans to invest €955.5mn in industry in 2024-2028, under the government’s industrial policy for that period and action plan for implementation of projects in 2024. The funds will come from the state budget, private sector, public sector, Instrument for Pre-Accession Assistance (IPA) and donations.
The industrial policy will have four strategic goals: to boost the environment for the digital and green transition of industry, to boost investments and financing models aimed at securing long-term competitiveness of the industrial sector, to support innovation based on the principles of smart and sustainable industrial development, as well as to improve the access to the EU market and the regional cooperation.
5.7.4 Major Sectors & Companies
Tourism remains one of the most important sectors for the Montenegrin economy, contributing around one quarter to the GDP. In 2024, the sector continued the robust growth from the previous year and, according to international institutions, that trend should continue throughout 2025.
S&P and Moody’s upgraded Montenegro’s ratings amid expectations that tourism will retain its key role in the economy.
“The [tourism] sector has fuelled sustained growth in overall goods and services exports, which increased by more than 50% in U.S. dollar terms between 2021 and 2023,” S&P has noted.
Tourism was hit by the Russian war in Ukraine in the first half of 2024 but started recovering after that. Although there are no official data, the government in Podgorica expects that revenue from tourism will post a new record.
Infrastructure is a key driver of Montenegro’s economy. Among the largest projects expected to kick off in 2025 is the construction of the second stretch of the Bar-Boljare motorway. Bar-Boljare is the Montenegrin part of the future Belgrade-Bar motorway that will connect the Serbian capital with the main Montenegrin seaport, Bar. Serbia started the construction of its part of the motorway in 2021.
The EBRD will secure €200mn for the construction of a section of the second stretch, while the European Commission will provide another €100mn in grants and could secure another €100mn if necessary. The government will secure €153mn from its own funds and hopes to get
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