July 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved an up to 20 million euro ($23 million) guarantee to Montenegro's Crnogorska Komercijalna Banka (CKB) to cover up to 50% of the credit risk on new loans totalling up to 40 million euro issued to local micro, small and medium-sized enterprises (MSMEs).