EIB, 49 mln for SMEs and other projects

The European Investment Bank (EIB) has signed today in Podgorica 4 contracts in favor of the local economy in order to support the country in its path towards the European Union. The first is a loan of 25 million euros for SMEs, the second is a loan of 20 million euros for urgent flood relief and prevention. Another amount of 0,6 million euros is a grant under Western Balkans investment Framework for reconstruction of water supply system in Cetinje, and a grant of 3.5 million euros for the realization of a wastewater treatment in Pljevlja. The loan signed by the EIB and the Investment and Development Fund of Montenegro (IDF) concerns the first 25 million euros tranche of a total 50 million euros loan aimed at supporting small and medium-sized enterprises (SMEs) and other projects in the country. The operation will finance SMEs as well as other beneficiaries, including local authorities, in the fields of the environmental protection throughout the country. A minimum of 70% of the loan amount will be allocated to SME projects. The loan of 20 million euros concerns a project that contributes to repairing and reconstructing the major damage to the public infrastructure caused by the exceptional rainfall and flooding of November and December 2010 as well as for the acquisition of some new equipment to improve weather forecasting and flood warning.