Montenegro plans significant borrowing in 2026 to finance capital investments, modernise infrastructure, and support the state budget. The proposal submitted to Parliament outlines over 30 projects in two groups—those with already identified lenders and those for which lenders will be selected next year. Additional borrowing is planned to cover the budget deficit and refinance existing debt, with the funding gap estimated at €710m.
Projects already tied to lenders include investments backed by the EBRD, EIB, World Bank, and CEB, such as a new prison in Mojkovac (€30m), expansion of the Bijelo Polje waste management center (€20m), modernization of the Bar–Golubovci railway (€113m), and work on the Podgorica bypass as part of the Bar–Boljare highway (€100m). Environmental and sustainability initiatives, as well as projects in healthcare, education, broadband infrastructure, and tax administration modernisation, are also included.
The largest projects without predefined lenders include the construction of a new Clinical Centre in Podgorica, estimated at €313m, along with a national data centre and disaster recovery system. Additional funding is planned for military and air-defence equipment (€75m each), acquisition of helicopters and a firefighting aircraft (€100m), urban development in the Velje Brdo neighbourhood, climate-resilient water services, major road upgrades, and infrastructure projects across multiple municipalities.
To manage fiscal needs, the government may borrow up to €500m to cover the 2026 deficit and up to €1bn for refinancing and strengthening fiscal reserves. State guarantees of up to €171.95m are also planned for key energy, rail, and transmission projects. This borrowing plan follows constitutional requirements and outlines spending sectors, loan limits, and debt-management mechanisms for 2026.
