March 4 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) plans to invest 70 million euro ($78 million) in Montenegro in 2020, the president of the bank, Suma Chakrabarti, said.
"We increased the investments in Montenegro from 40 million euro last year to more than 70 million euro. Due to the election year, the process will go slower, but no matter what, we hope for new opportunities for cooperation," Chakrabarti said in a video file posted on the website of Montenegrin public broadcaster RTCG earlier this week.
The EBRD plans to back the development of green economy in Montenegro and the transformation of majority state-owned power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] into a modern company, Chakrabarti said.
Last month, the EBRD said it is lending 2 million euro to NLB Banka Podgorica under its Women in Business Programme after the bank became the first commercial bank to sign up to the initiative in Montenegro. The EBRD's Women in Business programme aims to unleash the potential of women entrepreneurs by providing access to finance and know-how to grow their businesses.
"We have agreed a loan to finance women in business. The first step is selecting candidates, that is, considering projects that are ready to start a business. We have also developed an advisory programme, which means we can get suggestions for starting a business, a mentor, as well as training," the head of EBRD in Montenegro, Jaap Sprey, said.
Since it began investing in Montenegro in 2006, the EBRD has financed 60 projects worth 571 million euro in the country and provided over 100 Montenegrin women-led micro, small and medium enterprises (MSMEs) with business advice and trainings.
($ = 0.896822 euro)