Montenegro: IFC and Three Montenegrin Municipalities Sign Cooperation Agreement to Improve Business Environment

International Finance Corporation (IFC), a member of the World Bank Group, signed agreements with municipalities of Bar, Niksic and Bijelo Polje in Montenegro, marking a joint commitment to improve the local business-enabling environment.

The Corporation said that signing of these agreements signals the launch of the subnational competitiveness project in Montenegro.

“Our activities with IFC complement our development plan. I am certain that we will reduce the administrative burden for doing business and attract new domestic and foreign investors to our municipality,” said Zarko Pavicevic, Mayor of Bar.

IFC adds that improving the business environment by simplifying administrative procedures and providing better services will help reduce the cost and risk of doing business, improving the competitiveness of local municipalities and attracting more foreign direct investment.

“By helping municipalities simplify their procedures, we hope to develop a more favorable business environment and stimulate the development of the country’s private sector,” said Philip Condon, Head of IFC Advisory Services in Southern Europe.