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News / EIB supports Montenegro with €50 million loan for COVID-19 recovery
The European Investment Bank (EIB), the lending arm of the European Union, will lend €50 million to the Investment and Development Fund of Montenegro (IDF) to support the faster recovery of the local economy from COVID-19 and help introduce energy-efficient practices among small businesses in the country. The EIB loan creates a new source of more affordable financing for Montenegrin companies operating in infrastructure, industry, transport, innovation, agriculture and tourism, some of the hardest-hit sectors.
Funds will be available under favourable conditions to help small and medium-sized enterprises (SMEs) address their liquidity issues, support jobs, increase competitiveness and improve energy efficiency practices. The EIB loan is the latest of Team Europe’s support measures to accelerate the COVID-19 recovery of regional economies and effective climate action. It delivers much-needed climate and environmental sustainability financing for the Western Balkans to enable a faster transition to a sustainable, green and circular economy.
This is the second loan signed with the IDF since the start of the pandemic, following a €50 million investment signed in September 2020 to support the COVID-19 recovery of over 150 Montenegrin small and medium enterprises. Including the loan signed today, the EIB and the IDF have signed six operations to date, unlocking €470 million of investments for the Montenegrin economy.
Photo credits: EIB
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