Development of a National Strategy and Implementation Roadmap for Montenegro's Participation in Euro system TARGET Services

Central Bank of Montenegro TARGET Instant Payment Settlement Clone – TIPS Clone Project Request for Expressions of Interest Development of a Strategy and Implementation Roadmap for Montenegro’s Participation in TARGET Services Consulting Services: CQS L/C No. P509405-ME Reference No. TIPSC-9858-ME-CS-CQ-26-1.4 November 11, 2026 The Loan Agreement for Montenegro's project ( Montenegro Financial Infrastructure Modernization and its Alignment with SEPA Standards Project (TARGET Instant Payment Settlement Clone Project – TIPS Clone Project )). Project no. P509405 was signed on 30th of July 2025. The Government of Montenegro aims to modernize payment systems through the improvement of the legal and regulatory framework and the modernization of financial infrastructure. This Project will assist authorities in supporting the modernization of the payment’s infrastructure. The proposed Project builds directly on the existing engagement and supports authorities with necessary investment activities. The overall Project have three components: (i) Providing technical assistance for setting up a new payment system and developing the broader payments ecosystem. (ii) Supporting the implementation and operation of the new payment system. (iii) Project Management. The Central Bank of Montenegro (CBCG) is preparing for future participation in the European System of Central Banks (ESCB) and, ultimately, in the Euro system , in line with Montenegro’s broader strategic objective of European Union (EU) accession. This process requires the continued alignment of CBCG’s institutional, operational, legal and technical frameworks with relevant EU standards and practices applicable to central banking and financial market infrastructures. The Central Bank of Montenegro (CBCG) is the Project Implementing Entity and will have overall responsibility for project implementation and intends to apply part of the proceeds to payments for the experienced and qualified Consultancy firm is to ensure the C