The European Bank for Reconstruction and Development (EBRD), with the support of the European Union (EU) provided Alter Modus with a new financial package worth 10 million euros aimed at improving the access to finance for domestic enterprises and supporting development of private sector in Montenegro.
The financial package encompassed three lines: 7 million euros for micro, small and medium-sized enterprises, 2 million euros under the programme “Women in Business”, dedicated to enterprises run by women, and 1 million euros under the programme “Youth in Business” for businesses owned or ed by entrepreneurs under the age of 35.
Most of the funds will be directed toward financing investments and improving business operations of micro, small and medium-sized enterprises in Montenegro. A special focus is placed on green investments, so it is expected that at least 20 percent of the funds from this credit line will be earmarked for projects that contribute to greater energy and resource efficiency.
Under the “Women in Business” and “Youth in Business” programmes, financing opportunities for micro, small, and medium-sized enterprises led by women and youth are additionally strengthened. In this manner, support is directed toward entrepreneurs who develop their business ideas, invest in growth and create new opportunities in the market.
“Micro, small and medium-sized enterprises is one of the key drivers of Montenegro’s economy, creating jobs and supporting growth across the country. Through this financing package, we are improving access to finance for businesses that continue to face barriers to funding, particularly women-led and youth-led enterprises. Our longstanding partnership with Alter Modus and the support of the European Union will help entrepreneurs to invest, grow businesses and create new opportunities in communities throughout Montenegro”, Ekaterina Solovova, the EBRD’s Head of Montenegro, said.
Bernard Brunet, Head of Cooperation at the Delegation of the European Union to Montenegro assessed that the development of new and innovative companies is crucial for sustainable economic development of the country, and its preparation for utilizing the opportunities brought by the EU single market upon accession.
Chief Executive Officer of Alter Modus, Ana Kentera, stated that the continuation of the partnership with the EBRD enables the provision of support to a larger number of enterprises across Montenegro and ensures financing where it is needed most. Together with international partners Alter Modus remains committed to to making financing more accessible and providing long-term support for our clients’ entrepreneurial ventures.
Alter Modus’ cooperation with EBRD has lasted since 2004, and represents an important part of continuous activities aimed at improving access to finance and developing entrepreneurship in Montenegro. The new financial arrangement confirms the commitment to the common goal – creating better conditions for growth of domestic enterprises, development of new business ideas and investing, which contribute to sustainable economy.