Montenegro set to borrow up to 40 mln euro total from Erste, SocGen

After an extensive research and comparison of all available borrowing options, Erste Bank AD Podgorica and Societe Generale Montenegro were picked as the banks offering the most favorable lending terms, the finance ministry said in a statement.

Erste Bank AD Podgorica is set to lend up to 30 million euro while the remainder will be borrowed from Societe Generale Montenegro, a finance ministry press officer told SeeNews by phone.

The government has mandated the finance ministry to conclude the respective loan agreements. After the signing of the agreements, the ministry will disclose the relevant borrowing terms.

($=0.7555 euro)