The European Bank for Reconstruction and Development (EBRD) is collaborating with international partners to support Montenegro’s tourism sector through investments in infrastructure and cultural heritage projects. Tourism plays a central role in Montenegro’s economy, drawing millions of visitors each year to destinations such as the Adriatic coastline, medieval towns, and the Bay of Kotor. The country’s current focus on seasonal tourism has prompted calls for diversification and stronger development strategies.
The EBRD, together with the European Union and Austria, has invested in improving transport networks and water supply systems to enhance regional connectivity. These upgrades are aimed at supporting long-term growth across sectors like tourism. Additionally, with backing from Sweden, the EBRD is working with women-led small- and medium-sized enterprises (SMEs) to encourage sustainable business practices and preserve local culture.
CMM Group in Budva is one example of these efforts. Led by Chief Executive Officer Nataša Grdinić, the company has developed projects that promote local traditions alongside its core real estate activities. Chief Operations Officer Mirko Timotijević said: “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.”
Expeditio, an NGO based in Kotor focused on sustainable architecture and urban planning tied to cultural heritage preservation, is another beneficiary. Executive Director Tatjana Rajić noted: “They have given us information and guidance, and we have built a strong connection with them.” Expeditio organizes restoration camps where students collaborate with craftsmen to restore neglected heritage sites using traditional techniques.
Through these combined initiatives—supporting both physical infrastructure improvements and community-based cultural projects—the EBRD aims to help Montenegro diversify its tourism offerings while maintaining its identity. Timotijević added: “Montenegro is economically dependent on tourism, so we need to act wisely in the present to be sure of a good future.”