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EBRD opens office in Montenegro
Bank establishes presence in Podgorica
The EBRD is opening an office in Podgorica for the first time after Montenegro
joined the Bank as an independent country last year.
The EBRD, south-eastern Europe's largest institutional financial investor, has
been active in Montenegro as part of the former union of Serbia and Montenegro
since 2001, but following the country’s independence on 3 June 2006, all EBRD
shareholders accepted Montenegro as a shareholder and country of operations.
An EBRD delegation led by Peter Reiniger, Business Group Director for the
Western Balkans, Central Europe and Telecommunications, Claudio Viezzoli,
Director for the Western Balkans, and Marek Lorinc, the newly appointed Head
of Office in Montenegro, are in Podgorica today to inaugurate the office and
to meet government officials as well as representatives from the local and
international business community.
The EBRD is delighted to welcome Montenegro as a country of operations, Peter
Reiniger said. During its first year as an independent country, Montenegro has
proved to be a politically stable and economically viable state which has the
potential to grow rapidly. The country is building up a favourable business
climate and the EBRD’s presence in Montenegro can play an important role in
signalling to investors that Montenegro is an attractive investment
destination, Mr Reiniger added.
The Bank will support technical assistance and investment in the efforts of
the government to continue its implementation of the reform agenda and to
improve the country’s business climate. It will also work to support the
development of the local private sector and to bring about a sustainable
modernisation of key infrastructure areas, such as energy, roads and railways,
as well as municipal infrastructure.
Property and tourism are at the heart of Montenegro’s strategy for future
economic growth and the EBRD plans to increase operations in this sector with
local and international private investors.
Montenegro has already made significant advances in reforming the banking
sector and the EBRD will continue to provide support to facilitate this
process through cooperation with commercial banks and micro-lending
institutions, including financing small and medium size enterprises.
Via its TurnAround Management Programme and Business Advisory Services, the
EBRD has also provided management advice to restructure and improve the
performance of number of companies.
Prior to its becoming a country of operations, the EBRD’s financing in
Montenegro has included infrastructure loans and investments in local banks.
So far the Bank has invested a total of €43.3 million in Montenegro.
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