EBRD loan to healthcare institution in Montenegro

The EBRD is providing a €1.0 million loan to Codra Hospital, a leading private healthcare institution in Montenegro. Established in 2001, the hospital has grown to become the largest private hospital in Montenegro, delivering many services that are not provided by other health institutions, including state-owned hospitals.

The EBRD financing will help Codra Hospital invest in a new maternity ward to include deliveries and post-delivery care for mothers and their babies. In order to accommodate the new ward, management plans to refurbish the second floor of the existing building and purchase equipment for the neonatal ward and a caesarean operating room.

Giulio Moreno, Head of the EBRD office in Podgorica, welcomed the investment and said: “By investing in Codra Hospital’s new maternity unit, we are investing in future generations of Montenegrins and a new generation of healthcare.” The EBRD’s involvement is expected to improve accounting standards and corporate governance

The loan will also help to strengthen the hospital’s competitiveness and efficiency. The funding is extended under the EBRD Local Enterprise Facility to help the development of small and medium-sized companies in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Montenegro, Romania, Serbia and Turkey.

To date the EBRD has invested more than €330 million in Montenegro, generating business of more than €600 million. The Bank’s investments are focused on the private corporate sector, especially to tap the country’s potential in tourism. The EBRD also aims to increase its operations with local private corporate clients and promote their investments in new technology and environmental improvements.