Circle of Support for Entrepreneurs from Montenegro

On Friday, November 24, 2023, the European Bank for Reconstruction and Development (EBRD) and Micro-credit Financial Institution Alter Modus organized brunch with media and representatives of Chamber of Economy of Montenegro, Union of Young Entrepreneurs, associations of entrepreneurs and youth organizations to present Youth in Business Programme and its achievements.

Andreina Marsella, Ambassador of the Republic of Italy to Montenegro, pointed out that Italy invested in the Programme through the Ministry of Exterior Affairs and Central European Initiative. Empowering the youth in the society, strengthening entrepreneurship and creating new opportunities for young people is, as she said, one of the key European priorities.

Ana Kentera, the Chief Executive Officer of MFI Alter Modus, emphasized that Alter Modus was the first and only financial institution in Montenegro which approves loans within the YiB Programme. “Primarily, I would like to express gratitude to our strategic partner, the European Bank for Reconstruction and Development (EBRD) for recognizing Alter Modus’ commitment to young entrepreneurs. Through the joint Youth in Business Programme, we have supported 549 business stories with over 1.8 million EUR, by that enabling development and improvement of exceptional business ventures. This kind of support did not only include the financial segment, but education as well, mentorship and networking, where I would point out excellent collaboration with Union of Young Entrepreneurs and company Balance2Business. It is proved that combination of financial and non-financial resources enables young entrepreneurs to realize business ambitions”, Kentera said.

Remon Zakaria, Head of the European Bank for Reconstruction and Development (EBRD) Office in Montenegro, stated that the EBRD’s YiB Programme helped small and medium enterprises, majority-owned or managed by young people up to 35, to get access to the necessary knowledge, skills, financing and other key resources essential to overcome challenges and reach their full potential, in the countries of operation. It is anticipated that this EBRD programme will ensure the financial institutions in the region of Western Balkans financing of up to EUR 100 million over the next five years.

“Alter Modus excellently fits the YiB Programme which is promoted by the EBRD in the Western Balkans, and therefore it was a natural choice to be the first institution and the EBRD’s partner for support to young entrepreneurs in Montenegro”, Zakaria emphasized.