PODGORICA (Montenegro), January 27 (SeeNews) – The Investment and Development Fund of Montenegro (IRF) said it plans to lend 120 million euro ($128.4 million) to support start-ups and small and medium-sized enterprises (SMEs) in 2017.
The project will involve a total of 33 credit lines, IRF said in a statement on Thursday.
The loans, with a maximum value of 5 million euro, will bear an annual interest rate of up to 4.5%.
The loans will have a grace period of up to four years, IRF added.
IRF said last week that it extended 204 loans with a combined value of 128.5 million euro in 2016, up 10.6% on the year. The funding provided to Montenegrin companies allowed the opening of 6,711 jobs last year.
The fund expects to sign in February an agreement to receive 100 million euro financing from the European Investment Bank (EIB).
IRF was established by the Montenegrin government in 2009. Its main goal is to support SMEs, exports, employment, ecological projects and privatisation.
($ = 0.934213 euro)