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World Bank Earmarks up to $300Mln in Loans to Create Jobs in Montenegro

© Wikipedia / Shiny Things The World Bank Group headquarters bldg. in Washington, D.C.
The World Bank Group headquarters bldg. in Washington, D.C. - Sputnik International
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A long-term $250-300 million loans package to help Montenegro to cope with a growing national debt and a dearth of jobs has been approved.

Montenegro's Prime Minister Milo Djukanovic (R) shakes hands with NATO Secretary General Jens Stoltenberg after a joint press conference in Podgorica - Sputnik International
Montenegro Hopes to Secure Full NATO Membership in 2017
WASHINGTON (Sputnik) — A long-term $250-300 million loans package to help Montenegro to cope with a growing national debt and a dearth of jobs has been approved, the World Bank’s announced in a press release on Thursday.

"The new framework will selectively support Montenegro’s development agenda, with a particular focus on creating employment and economic opportunities, and restoring fiscal balance in order to accelerate long-run inclusive growth," the release stated.

The new loans would be in addition to $120 million in the World Bank’s loan portfolio for the tiny Balkan nation that is on the verge of joining the NATO alliance, and has as its goal to then join the European Union.

Despite having a per-capita income of more than $10,000, Montenegro is suffering from a number of economic woes, including unemployment and a stalled effort to develop tourism along its Adriatic coast.

Earlier this month, gang violence prompted the deployment of anti-terrorist forces to the town of Kotor, a tourist attraction marred by a recent string of shootouts on its winding cobblestone streets.

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