€3 million EBRD loan to Montenegrin hospital

By Viktorija Melohina

€3 million EBRD loan to Montenegrin hospital

The European Bank for Reconstruction and Development (EBRD) is providing a €3 million loan to Codra Hospital, the leading private health care provider in Montenegro.

The EBRD funds will support the hospital’s expansion. Under the  programme Codra will be able to provide intensive care and complex surgery treatments to the patients, including through the introduction of new angiography services. A new building connecting the two existing compounds will increase Codra’s capacity by nearly half and provide in- and out-patient services.

Codra Hospital was founded as a polyclinic in 2001 and is currently the largest private hospital in Montenegro providing diagnostics, outpatient and inpatient services, including surgery, cardiology, gynaecology, orthopaedics and many others. Codra has a reputation for outstanding medical performance and has been growing continuously for years.

Giulio Moreno, EBRD Head of Office in Podgorica, said: “We welcome Codra’s plans for expansion and are happy to provide finance to the successful further development of the healthcare provider. Codra is an excellent example for what a professional commercial operator with strong commitment to its service mandate can offer in the health care sector. This way it serves as an encouragement to all competitors in the field.”

The loan is being arranged under the EBRD–Direct Finance Framework, an instrument to address the business needs of local small and medium-sized enterprises in its countries of operations currently not sufficiently supported by other financing sources. The Bank’s funds are typically deployed for financing acquisitions, expansion and/or modernisation investments, efficiency improvements as well as working capital.

To date, the EBRD has invested more than €500 million in Montenegro in all sectors of the economy, mobilising a total investment value of more than €900 million.