May 19 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) launched a 3 million euro ($3.2 million) credit line to Montenegro's Crnogorska Komercijalna Banka (CKB) as part of a programme to increase the competitiveness of small and medium-sized enterprises (SMEs), the EU Delegation to Montenegro said.
The loan is part of an EBRD/EU programme to boost SME competitiveness across the Western Balkans, the EU Delegation to Montenegro said in a press release on Thursday.
It will help companies in Montenegro invest in upgrading their equipment and production processes to EU standards, cutting operational costs, and increasing energy efficiency, it added.
The aim is to help SMEs to go beyond their usual operations and invest in becoming more competitive in local and EU markets.
The programme combines EBRD loans and EU-funded grant incentives, which will be lent to small businesses in partnership with local commercial banks.
“With this programme, the EU will provide 50 million euro in grants to promote SME competitiveness in the region. Montenegrin SMEs will benefit from EU-funded grant incentives worth up to 15% of the total loan amount,” Riccardo Serri, deputy head of the EU delegation to Montenegro, said.
($ = 0.9276 euro)