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FIF - WBWiB Phase II - CKB



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

15 Nov 2022



PSD disclosed:

22 Nov 2022

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

A senior unsecured loan up to EUR 3.0m (the "WiB Loan") in two tranches, first tranche of EUR 1m and second tranche of EUR 2m, for on-lending to women-led SMEs through the Western Balkans Women in Business Prpgramme Phase II (WBWiB II).  The 2nd tranche is uncommitted and its commitment will be at EBRD's sole discretion.

Project Objectives

The project will contribute to women's economic inclusion by supporting women-led SMEs' access to finance and business advisory services. 

Transition Impact

ETI score: 68

The project contributes to the objectives of the WB WiBP II, supporting the Transition Impact qualities of Inclusive and Competitive:

Inclusive: The project will contribute to women's economic inclusion by supporting women-led SMEs' access to finance and business advisory services, while demonstrating the business case for scaling-up lending to the women-led SME segment.

Competitive: Transition impact is expected to derive from market expansion in line with EBRD Financial Intermediaries Framework.

Client Information


Crnogorska Komercijalna Banka ("CKB", not rated), a 100% subsidiary of OTP Bank Nyrt ("OTP", rated BBB (negative) by S&P and Baa1 by Moody's) is the largest bank in Montenegro. In December 2020, CKB completed the process of merging with Podgoriika banka AD Podgorica ("PB"). It currently holds a market share of 26% by total assets (32% in terms of net loans). Headquarted in Podgorica, the bank has 18 branches and 15 sub-branch offices. CKB is also a 100% owner of OTP Debt Collection.

EBRD Finance Summary

EUR 3,000,000.00

Total Project Cost

EUR 3,000,000.00


Additionality is achieved by combining the necessary long-term financing, in the form of a senior loan, through a holistic approach which includes technical cooperation grants to support the capacity building of partner financial institutions and women-led businesses.

Environmental and Social Summary

Categorised FI (2019 ESP). Crnogorska Komercijalna Banka is an existing client and its environmental and social (E&S) performance has been satisfactory to date as evidenced by annual reporting on environmental and social matters. CKB has formally adopted a ESG Risk Management Rulebook in loan origination and monitoring to identify risk, measure, monitor and report on E&S related risks. CKB's portfolio is mostly exposed to wholesale retail and trade, accommodation and food service activities, and public administration and defence (compulsory social security), which are associated with predominantly low-medium E&S risk. CKB will be required to continue to implement the Environmental and Social Risk Management Procedures for Micro, SME and Corporate Lending; comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9 including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit Annual E&S Reports to the Bank. All sub-loans will be required to comply with national environmental, health, safety and labour (EHSL) requirements. Should the use of proceeds from EBRD investment be allocated to future solar sub-projects, the project will need to comply with the EBRD Solar Supply Chain Risk Management Approach.

Technical Cooperation and Grant Financing

TC: FI TC of up to EUR 2 million at the Programme level for PFIs under WBWiB II, focusing on baseline assessment, capacity building, product development, marketing and outreach support. Advice for Small Business TC of up to EUR 3.5 million at the Programme level to support women-led SMEs (including advisory services, training, mentoring and network opportunities). The TC funds are provided by the Governments of Sweden.

Non-TC: Risk sharing in the form of First Loss Risk Cover of up to 10% of the Loan (EUR 300,000 for the proposed project), with a cap of 70% for any single sub-loan. Non-TC funds for FLRC are provided by the EBRD SSF.

Company Contact Information

Bojan Dozic
+382 20 415 611
+382 20 415 611
Bulevar revolucije 17, Podgorica, Montenegro

Implementation summary

PSD last updated

12 Dec 2022

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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