EBRD drives sustainable tourism in Montenegro through infrastructure investment and cultural heritage projects

EBRD drives sustainable tourism in Montenegro through infrastructure investment and cultural heritage projects

(IN BRIEF) EBRD is supporting Montenegro’s economy by pairing infrastructure investments with cultural heritage initiatives to make tourism more resilient and sustainable. Backed by donors including the EU, Austria and Sweden, the Bank is funding transport and water supply upgrades while providing finance and advisory services to SMEs such as CMM Group in Budva and NGO Expeditio in Kotor. These projects highlight the role of women-led enterprises in promoting cultural identity and sustainable practices. Together, these initiatives aim to diversify Montenegro’s tourism sector, strengthen local communities and ensure long-term competitiveness.

(PRESS RELEASE) LONDON, 27-Aug-202 — /EuropaWire/ — EBRD is working with international partners to help Montenegro strengthen its tourism sector by investing in vital infrastructure and supporting local businesses that promote cultural heritage. With its Adriatic coastline, medieval towns and the Bay of Kotor drawing millions of visitors each year, tourism remains the backbone of the economy. Yet the reliance on a seasonal model of “sun, sand and sea” highlights the need for diversification, improved connectivity and more resilient development.

Together with the European Union and Austria, EBRD has invested in transport networks and water supply systems to enhance regional links and unlock long-term potential in sectors such as tourism. At the same time, with support from Sweden, the Bank is helping women-led SMEs adopt sustainable practices and preserve cultural identity as part of a wider strategy to build a greener and more competitive economy.

One example is CMM Group in Budva, led by Chief Executive Officer Nataša Grdinić. While best known as a real estate developer, the company has launched projects that celebrate local traditions and products, which have become a strong draw for international clients. Chief Operations Officer Mirko Timotijević stressed: “As a country, we should work to preserve everything historical and cultural, because it could be a hook for the travel industry, as people will pay to see and experience things from the past.”

Another beneficiary is Expeditio, a Kotor-based NGO combining sustainable architecture, urban planning and cultural heritage. Executive Director Tatjana Rajić explained that collaboration with communities has been key to their work: “They have given us information and guidance, and we have built a strong connection with them.” Expeditio has organised restoration camps where students learn traditional techniques while working with craftsmen to revive neglected heritage sites.

By backing projects that safeguard cultural assets while improving infrastructure, EBRD is ensuring Montenegro’s tourism industry can evolve beyond its seasonal nature, protect its identity, and create opportunities for future generations. As Timotijević summed up: “Montenegro is economically dependent on tourism, so we need to act wisely in the present to be sure of a good future.”

Media Contact:

Jelena Pajic, Belgrade
Email: pajicj@ebrd.com

SOURCE: EBRD