The statement was made following a meeting of Montenegro Prime Minister Milo Dukanovic with businessmen on July 12.

The resort with the area of 25 hectares will be located on the shore of the Bay of Kotor on the site of the old barracks in Kumbor town. It is planned to build here a hotel with apartments and villas and a mooring for common and mega yachts, pier for fishing boats and fish market, some 70 shops, cafes, restaurants, a tennis center, a heliport and other facilities.

A tender for the lease of the former military facility for a 90-year period was held in Montenegro in 2012. Azerbaijan's State Oil Company SOCAR, represented by Triangle Investments and Development Limited, won the tender. Azerbaijan established Azmont Investments LLC to realize the project in Montenegro.

Azmont initially was to invest €250 million in the project within eight years. However, later a decision was made to increase the amount of investment up to €500 million. The new facility will include a network of One&Only resorts, focused on the very wealthy clients. This hotel in Montenegro will become the first of the network in Europe.

The owner of One&Only network, Southern African billionaire Sol Kerzner, said 'this place is ideal for our first European resort'.

Earlier in May, Prime Minister Milo Dukanovic met with Azerbaijani President Ilham Aliyev in Podgorica, Montenegro.

According to Dukanovic, relations between the two countries have been developing dynamically, which resulted in concrete projects in tourism and investment sectors.

The project related in Kumbor is the greatest Azerbaijani investment project in tourism outside the country.