Provision of a senior unsecured loan of up to EUR 2m, in two equal tranches, under GEFF Western Balkans. The 2nd tranche is uncomitted.
The project contributes to the objectives of GEFF WB, supporting the Green and Competitive tranisition qualities.
ETI score: 80
Green: The project will contribute towards building a green economy by facilitating the expansion of residential energy efficiency lending in Montenegro and positive demonstration effects of green economy projects.
Competitive: The project will contribute towards building a more competitive financial sector through developing the internal capacity of partner financial institutions for financing green economy projects.
PODGORICKA BANKA AD PODGORICA
Podgoriika banka AD Podgorica ("PB") was the fourth largest bank in Montenegro by total assets (11.8% mkt share) and the second one by net loans (15.7%). Headquartered in Podgorica, PB has 20 branches and employs 257 staff. The bank is 100% owned by OTP Bank in Hungary ultimately via Crnogorska Komercijalna Banka ("CKB"), the largest bank in Montenegro. PB is expected to be merged into CKB by the end of 2020. The outbreak of COVID19 has impacted economy in Montenegro. Nevertheless, its impact on PB's performance has been limited so far based on its strong capital buffer and capacity.
EBRD Finance Summary
Total Project Cost
Additionality is achieved by combining the necessary long-term financing, in the form of a senior loan, with technical support and targeted investment incentives into a package that promotes residential green economy investments.
Technical Cooperation and Grant Financing
EUR 5.1m have been secured to support the preparation, implementation and monitoring of GEFFWB. OB will share up to 15% of TC costs that benefit them directly through a marketing campaign,same as for the previous GEFF lines. Grant resources are provided by the Republic of Austria and the multi-donor funded Western Balkans Investment Framework to fund TC programme under the GEFF.
Company Contact Information
Biljana Sestovic, Bojan Dozic
+382 (0)20 415 693
Podgoricka Banka AD Podgorica, Member of OTP Group, Bulevar Revolucije 17, 81000 Podgorica
PSD last updated
03 Nov 2020
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