December 1 (SeeNews) - The net inflow of foreign direct investment (FDI) in Montenegro rose by 69% on the year to a preliminary 764.7 million euro ($1.2 billion) in the first nine months of 2009, central bank data showed on Tuesday.
The January-September FDI total is already 34.7% ahead of the full-year figure for 2008 thanks to capital hikes performed by local banks and the privatisation and capital hike at power utility EPCG, the central bank, CBCG, said in a statement.
Montenegro sold in September 18.3% of EPCG to Italy’s A2A for over 192 million euro with half of the proceeds coming from a capital increase performed by the new owner.
“Investments into domestic companies and banks amounted to 628.2 million euro, or 177.6% more than in the same period previous year,” CBCG said, adding total FDI inflow in the observed period was 857.5 million euro.
Intercompany debt was 104.4 million euro over the review period while investment in real estate dropped 53% on the year to 124.4 million euro, the statement said.
The FDI outflow through September was 92.8 million euro, 60.7% less than a year ago.
Real estate accounted for 19.3 million euro, or 20.8%, of total outflow. Investments of Montenegrin residents in foreign banks and companies added up to 21.2 million euro.
“The outflow for intercompany debt and withdrawal of the share of foreign capital in domestic banks and companies amounted to 52.3 million euro," the central bank said.