FIF - WB Youth in Business (EFSD+1) - Alter Modus III

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The project involves the provision of a senior unsecured loan of up to €1 million in favour of Alter Modus in Montenegro, in a single tranche, to be used for on-lending to eligible micro, small and medium-sized enterprises under the Western Balkans Youth in Business Programme (WB YiB Programme).

Project ID 57599

Status In Exploratory, Pending Final Review

Location

Montenegro

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Branko Tadic
branko.tadic@altermodus.me
+38220655280
www.altermodus.me
MFI ALTER MODUS D.O.O. Vucedolska 15, Podgorica 81000

Project ID 57599

Status In Exploratory, Pending Final Review

Location

Montenegro

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

15 Sep 2026

Disclosure date

14 Sep 2026

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Project Objectives

The loan proceeds will be used for on-lending to eligible MSMEs whose overall operational management responsibility or majority ownership is held by a person (or persons) under the age of 35 (Youth MSMEs) in Montenegro.

Transition Impact

ETI score: 72

The project contributes to the objectives of the WB YiB Programme, supporting the Transition Impact qualities of Inclusive and Competitive. The project will contribute to the Inclusive TI quality by supporting AM in increasing lending to Youth MSMEs and building NLBP's capacity and skills to better understand and cater to the Youth MSMEs segment. It will also enable AM to increase lending to Youth MSMEs, reach new clients, and finance clients in the regions outside of the capital city, thus supporting the Competitive TI quality.

Client Information

MIKROKREDITNA FINANSIJSKA INSTITUCIJA ALTER MODUS DOO

Alter Modus ("AM") is a leading micro-finance institution in Montenegro that holds a 68% market share. It has 140 employees and serves ca. 20,000 clients through its 17 branches and outlets across the country. It is owned by Alter Modus NGO (90.1%) and Pettelaar Effectenbewaarbedrijf N.V. (9.9%), who entered the ownership structure at end-2023. Alter Modus has been the only EBRD client in the micro-finance sector in Montenegro since 2004 with a strong track-record consisting of multiple credit lines.

EBRD Finance Summary

EUR 1,000,000.00

Total Project Cost

EUR 1,000,000.00

Additionality

Additionality is achieved by combining the necessary medium-term financing with technical cooperation (TC) and First Loss Risk Cover (FLRC) into a package that promotes investment in Youth MSMEs in Montenegro.

Green assessments

The project is determined aligned with the Paris Agreement based on the application of the EBRD's Paris alignment approach for indirectly financed investments. The alignment determination is based on the application of pillar 1 (counterparty commitment to the Paris Agreement) and pillar 2 (sub-transactions filter). There is no green finance associated with this project.

Technical Cooperation and Grant Financing

The WB YiB Programme is supported through the non-TC component, consisting of an unfunded guarantee provided by the European Union under the European Fund for Sustainable Development Plus (EFSD+), which serves as a first-loss risk cover (FLRC), and the TC component consisting of grant resources from the European Union pursuant to the European Fund for Sustainable Development Plus, Italy via the Central European Initiative and the EBRD Small Business Impact Fund, with these TC funds dedicated to building the capacity of both AM and eligible Youth MSMEs.

Company Contact Information

Branko Tadic
branko.tadic@altermodus.me
+38220655280
www.altermodus.me
MFI ALTER MODUS D.O.O. Vucedolska 15, Podgorica 81000

PSD Last Updated

14 Sep 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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FIF - WB Youth in Business (EFSD+1) - Alter Modus III

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

FIF - WB Youth in Business (EFSD+1) - Alter Modus III

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)