€5 million to support micro and small enterprises across the country
The European Bank for Reconstruction and Development (EBRD) is boosting the development of micro, small and medium-sized enterprises (MSMEs) in Montenegro, with a €5 million loan to Alter Modus, the leading micro-lender in the local market.
The loan is for on-lending to private MSMEs, as access to long-term finance remains a challenge. Providing sustainable lending and stable access to financial services for the MSME sector is an integral part of the Bank’s strategy in Montenegro. With this transaction, the EBRD aims to support the development of local microfinance activity, while satisfying the demand for financing in the country.
Alter Modus serves clients in various sectors through a country-wide network of branches in Montenegro.
“This transaction reinforces EBRD’s commitment to supporting the development of private businesses and we are reconnecting with a trusted partner, Alter Modus. With its well-established clientele, good reputation and excellent knowledge of the MSME market, we will be able to ensure the success of this project,” said EBRD Head of Office for Montenegro, Giulio Moreno.
“We are proud to be working with the EBRD again. This cooperation will help strengthen our market position, expand our services and increase our investment portfolio. It will also help us to support the most financially vulnerable market segment – micro enterprises, including those based outside the Montenegrin capital, Podgorica,” said Luka Djurovic, CEO of Alter Modus.
Since the beginning of its operations in Montenegro the EBRD has committed €445 million in 44 projects, generating more than €830 million of investment in the country. EBRD’s investments cover the whole range of Montenegro’s economy.