Hungary grants Montenegro €15 mln loan
Tuesday, November 22, 2005, 17:42
Hungary's Economy Minister János Kóka signed an agreement with Finance Minister of Montenegro Igor Luksic on Tuesday, under which Hungary will provide a €15 million subsidized loan to Montenegro. The 13-year loan is designed to facilitate the construction of schools and pre-schools in Podgorica. Hungarian companies will play roles in the actual construction. Kóka said Hungary had agreed to pay part of the interest on the loan and a portion of the insurance fee.
Hungary is Montenegro's number one foreign investor, Kóka said. Hungarians have invested in tourism, banking services, construction and port development.