EIB, Podgoricka Banka agree EUR 20 mln credit line for SMEs

Tuesday 15 December 2020 13:41 CET | News

The European Investment Bank (EIB) and Montenegro-based Podgoricka Banka, a unit of OTP, have agreed a EUR 20 million credit line for SMEs in the Balkan country, according to SeeNews.

The credit line will back Montenegrin SMEs and mid-caps operating in some of the sectors of the economy worst affected by the COVID-19 pandemic, such as services and wholesale/retail trade, according to an EIB press release. The credit line will enable Montenegrin SMEs to address liquidity constraints for short-term working capital needs, as well as longer-term investments, thereby contributing to faster economic and social recovery from the downturn caused by the pandemic.

The loan forms part of Team Europe’s COVID-19 response for the Western Balkans, and of the EUR 3.3 billion EU package for the Western Balkans announced at the EU-Western Balkans Summit in Zagreb in May 2020, the EIB noted. This is the third EIB loan to Montenegro under Team Europe's COVID-19 financial measures, bringing to EUR 100 million the bank’s support to Montenegrin SMEs in 2020.

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Keywords: EIB, Podgoricka Banka, OTP, SME, credit line, European Investment Bank, bank, loan, EU, Europe, Balkan
Categories: Banking & Fintech
Countries: Montenegro
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Banking & Fintech

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