Montenegro has poorly managed large construction projects in the past, according to Prime Minister Milojko Spajić, who announced numerous infrastructure projects expected to be completed by 2030.
In an interview with the Financial Times, he discussed past borrowing practices, particularly in the context of loans for highways.
“Montenegro has poorly managed large construction projects in the past, such as the 2014 contract for a short section of the highway that exposed the economy to a billion-dollar Chinese loan – a quarter of the country’s then annual gross domestic product (GDP) – and used key infrastructure, including crucial seaports, as collateral,” said Spajić.
He mentioned that Podgorica has learned its lesson and reduced that exposure to well below ten percent of GDP.
According to Spajić, there are numerous opportunities for investors, including major infrastructure projects such as highways along the Adriatic Sea and towards Serbia, as well as several upgrades to airports, seaports, and railways.
He stated that these projects should be completed by the end of 2030.
In the interview, Spajić announced that Montenegro is seeking to achieve European Union membership by 2028.
In the context of European integration, he said that Montenegro could progress quickly.
“Our strategy is to be the 28th member by 2028,” Spajić stated.
The article notes that Montenegro has implemented judicial reforms, increased the average salary, limited the use of cash in significant transactions such as real estate deals to combat money laundering, and is working to suppress organized crime.
“The reforms should soon be rewarded; otherwise, what is the point of a merit-based approach to accession,” the article states, recalling that EU Commissioner for Neighborhood and Enlargement, Oliver Varhelyi, said that the candidacy for Balkan countries would be “accelerated,” but it is up to them to “prove they should be accepted quickly.”
Spajić emphasized the need for higher defense spending by NATO member states and added that the message from the United States is that they want to see greater and active participation of all allies within the alliance.
“We agree – everyone should be a constructive and credible partner,” Spajić concluded.
