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EIB lends EUR 30 mln to Erste Bank Montenegro for SMEs

The European Investment Bank and Erste Bank Montenegro have signed a EUR 30 million loan agreement to support companies in the southeast European country through working capital lines and investment loans, EIB said in a statement on its website. 

President of the European Investment Bank, Werner Hoyer. Photo by Alexandros Michailidis / Shutterstock.com

The financing represents the first tranche of a loan worth EUR 50 million that Erste applied for at the EIB, and funds will be available to businesses operating across sectors such as tourism, manufacturing, and services, among the hardest hit by the pandemic of the novel coronavirus (COVID-19), EIB said.

The EIB credit line will also be open to Montenegrin public entities, including municipalities, for investments in energy and health infrastructure projects, the investment bank added.