"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.
