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The European Investment Bank (EIB) announced its first investment in an education project in Montenegro, by contributing to the upgrade of the school system in the country. This is part of the Bank’s ongoing support for education in the Western Balkans region.
The total investment amount is estimated at over EUR 40m, in support of which the bank of the European Union will provide a EUR 18m loan. The financing will partly fund the construction of three primary schools and one new secondary school, and the renovation of three kindergartens and 10 vocational schools.
The investment also includes the provision of new information and communications technology equipment, specific equipment for vocational schools and new school furniture. The investments will take place in the capital of Montenegro, Podgorica, and in nine municipalities across the country (Kotor, Berane, Plav, Bijelo Polje, Bar, Budva, Cetinje, Herceg Novi and Rozaje).
The project will increase the country’s schooling infrastructure capacity by creating additional 2,070 places. This, together with existing available capacity, will help to alleviate overcrowding in some primary schools and increase children’s access to pre-primary level education.
The project contributes to the objectives of the Economic Resilience Initiative and will also benefit from an ERI grant to provide technical assistance regarding the procurement and implementation of the project. The project will not only scale up investments in education facilities, it will also provide better learning tools to upskill young students, thereby improving youth employability.
In addition to supporting the development of education in the country, the investment will also have a significant employment impact with the creation of around 530 new full-time jobs, mostly for teachers.
“I am really pleased with this operation in the education sector: we firmly believe that investing in people is the best way to support human empowerment, growth and development across the whole Western Balkans region and now also in Montenegro”, noted Dario Scannapieco, EIB Vice-President responsible for operations in Italy, Malta and the Western Balkans.
These projects have a long-lasting return which will substantially benefit the country’s competitiveness. |
