European Investment Bank approves EUR 70 million loan to support Montenegro's small and medium-sized business

Podgorica, Montenegro (12 March 2015) – European Investment Bank (EIB) has approved a loan arrangement amounting to EUR 80 million to Montenegro’s Investment and Development Fund (IRF), the IRF’s Director Zoran Vukčević told the press following the Cabinet meeting.

The credit line is aimed at supporting small and medium-sized business, improving the overall business infrastructure and boosting projects in energy and environmental protection, Mr Vukčević explained, adding the loan will be implemented through two financial contracts worth EUR 30 million and EUR 40 million. Comparing to the previous financial arrangement with the EIB, this credit arrangement is more convenient, he added.

The Investment and Development Fund of Montenegro will change its credit terms for 2015, particularly those related to interest rate and grace period, the IDF’s Director emphasised. In that regard, funds from the Investment and Development Fund would be more available to different categories, namely entrepreneurs, beginners in business, women in business, small and medium-sized enterprises, he explained. Making these funds more visible for these categories will boost economic activities and implementation of business ideas in terms of valorisation of Montenegro’s resources, Mr Vukčević concluded.