December 21 (SeeNews) - Montenegrin lender Alter Modus said on Thursday it has received a 5 million euro ($5.9 million) senior loan from the European Fund for Southeast Europe (EFSE) to continue to supply sustainable financing to micro and small enterprises (MSEs) in the country.
The new loan will support Alter Modus in carrying forward EFSE’s mission to bolster economic development and MSE growth in Montenegro, the lender said in a statement.
"We are proud to continue our cooperation with EFSE. Together, we are aware of the importance of micro and small enterprises for an economy, and therefore we aim to give them access to financial support in order to facilitate their development," the CEO of Alter Modus, Ana Kentera, said.
The investment will further strengthen the relationship of EFSE with Alter Modus as the lender practices the industry’s best standards, EFSE chairman Christoph Tiskens said in the statement.
With a network of 15 branches covering all the regions of Montenegro, Alter Modus has been providing support to local MSEs for over 17 years.
EFSE was initiated by German development bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey.