June 15 (SeeNews) - Montenegro's government said it approved taking a 19 million loan ($22 million) from China Development Bank to finance the development of small and medium-sized enterprises (SMEs).
The financing will be provided to SMEs through the Investment and Development Fund of Montenegro, the government said in a statement on Thursday.
The loan bears an interest rate of 2.1 percentage points plus the Euro Interbank Offered Rate, the government said.
The Investment and Development Fund of Montenegro was established by the government in 2009 with the purpose of encouraging and facilitating the country's economic development.
($ = 0.8639 euro)