November 25 (SeeNews) - The European Investment Bank (EIB) said it is lending 50 million euro ($56.1 million) to Montenegro's Investment and Development Fund (IDF) to back the economic recovery from COVID-19 and introduce energy-efficient practices among small businesses.
Funds will be available under favourable conditions to help small and medium-sized enterprises (SMEs) address their liquidity issues, support jobs, increase competitiveness and improve energy efficiency practices, the EIB said in a statement on Wednesday.
"As the EU climate bank, the EIB intends to ensure that Montenegro and the Western Balkans continue to benefit from access to affordable financing and technical assistance for climate and green investments. Climate action brings unparalleled opportunities for social and economic development to the region and the EIB will work alongside partners like the IDF to ensure green investments fuel economic and social development, regional integration, cohesion, and the EU accession process," EIB Vice-President Lilyana Pavlova noted.
The loan delivers much-needed climate and environmental sustainability financing for the Western Balkans to enable a faster transition to a sustainable, green and circular economy, the EIB said.
The EIB and the IDF have signed six operations to date, unlocking 470 million euro of investments for the Montenegrin economy.
($ = 0.8914 euro)