DPM Simović in Bijelo Polje: Loans from Abu Dhabi Fund for smaller producers as well

Bijelo Polje, Montenegro (4 April 2018) -- Deputy Prime Minister for Economic Policy and Financial System and Minister of Agriculture and Rural Development Milutin Simović and Chairman of the Investment and Development Fond Board of Directors Zoran Vukčević announced today in Bijelo Polje the beginning of a new approach in realisation of the remaining funds from the loan of Abu Dhabi Fund for Development (ADMAS). The host of the event was the Municipality of Bijelo Polje, led by Mayor of the Municipality Petar Smolović.

As stated at the presentation, the remaining $26 million are committed to crediting Montenegrin agriculture in two directions, with the aim of expanding the coverage of beneficiaries.

DPM Simović clarified the new approach, pointing out that a part of $10 million will be intended for users who will be able to obtain a loan from $100,000 to $1 million, while $16 million will be directed at lending in the amount of 1 to 3 million dollars per user.

“We want to provide a wider and more equitable coverage of users and open up new opportunities for all producers in Montenegro. That is why we have reduced a minimum amount of funds that can be applied for from 1 million to 100,000 dollars, which is appropriate for the possibilities and needs of the average agricultural producer in Montenegro, who can make a sustainable and lucrative business with this investment. The second direction is the continuation of crediting of larger capacities in the agro-industry. In the end, the motive is to make a safer and better quality raw material for processing plants, as well as to link the production flows from the field and the farm to the table,” DPM Simović said.

The Chairman of the IDF Board of Directors Zoran Vukčević pointed out that this institution has so far invested nearly EUR 160 million of favorable loans in agriculture, out of which, in the last two years, more than EUR 55 million. IDF continues with new favorable credit lines for the development of agriculture and food industry. It will continue with favorable loan securing instruments allowing for greater accessibility by financial means. This will, as Vukčević said, be an opportunity for existing producers to improve their capacities, but also this will be an opportunity for all unemployed who have an interest in starting a business in this area.