Environment

EIB approves EUR 70 million loan for SME projects in Montenegro

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March 16, 2015

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Published:

March 16, 2015

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Investment and Development Fund (IRF) of Montenegro presented this year’s financial support and signed a contract with the European Investment Bank (EIB) for a EUR 70 million loan, part of which is intended for energy and environment.

The event was attended by potential users of IRF’s loans, and Montenegrin prime minister Milo Đukanović told the audience how the institution additionally stimulates entrepreneurs who are reluctant or intend to start a business, the IRF said on its website. Đukanović said EIB’s funds shall improve loaning to small and medium enterprises.

Several loan users spoke about their experience, and Vesko Mijajlović, owner of Biotel company from the town of Andrijevica, presented a successful project for production of peat from wood.

It was told at the conference that IRF receives a bigger loan package than last year, at a lower cost and better conditions. Zoran Vukčević, IRF head, said prioritised projects ‒ those in the categories of environment, energy and infrastracture, can be financed by up to 15 year loans with a grace period of five years.

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