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Signature(s)

Amount
€ 100,000,000
Countries
Sector(s)
Montenegro : € 100,000,000
Credit lines : € 100,000,000
Signature date(s)
29/10/2021 : € 50,000,000
29/07/2022 : € 50,000,000

Summary sheet

Release date
29 April 2021
Status
Reference
Signed | 29/10/2021
20190904
Project name
Promoter - financial intermediary
IDF LOAN FOR SMES CLIMATE & PRIORITY PROJECTS VI
INVESTMENT AND DEVELOPMENT FUND OF MONTENEGRO JSC
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 150 million
not applicable
Location
Sector(s)
Description
Objectives

The project consists of a loan to finance small and medium-sized investments carried out by small and medium-sized enterprises (SMEs) and mid-caps as well as eligible projects promoted by local authorities or final beneficiaries of any size and ownership.

The loan is intended to finance small and medium-sized projects in infrastructure, industry, transport, services, innovation, agriculture and tourism, with a special window dedicated to climate action, environmental protection and energy efficiency.

Additionality and Impact

The credit line addresses access to finance constraints in Montenegro, where around 47% of firms needing a loan are financially constrained due to high interest rates according to the Enterprise Survey conducted by the European Investment Bank, the European Bank for Reconstruction and Development and the World Bank in 2019. In the continuity of the Team Europe's objective to help Small and Medium-sized Enterprises (SMEs) recover from the COVID-19 pandemic in the Western Balkans, this project will further support the resilience of the final beneficiaries and contribute to address suboptimal investment situations. With the intermediation of the Investment and Development Fund of Montenegro, a well-known counterpart with a good track record in the allocation of EIB funds, and thanks to the long-term EIB funding, flexible disbursement and attractive financial conditions, the operation will have a strong impact on the SME sector growth and employment (with a special focus on youth employment and training). This new credit line, which also includes a 20% Climate Action and Environmental Sustainability window, will also initiate the shift to more climate action awareness among the final beneficiaries in the region.

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Under ELM Guarantee
Under Global Europe NDICI guarantee

This operation is covered by the ELM Guarantee.

Under EFSD+ Guarantee

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - IDF LOAN FOR SMES CLIMATE & PRIORITY PROJECTS VI
Publication Date
14 Jul 2021
Document language
Main Topic
Lending
Document Number
142128599
Document Focus
Environmental Information
Project Number
20190904
Sector(s)
Countries
Publicly available
Download now

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