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First EIF guarantee in Montenegro provides finance for businesses under the CIP programme

  •  
    Date: 31 January 2012
EIF logo

CKB logo

The EIF Structured Finance Manager, Mr. Gunnar Mai and CEO of Crnogorska komercijalna banka member of OTP Group (CKB), Mr. Szabolcs Horváth, today signed a guarantee agreement to support Small and Medium-sized enterprises (SMEs) in Montenegro.

Thanks to the transaction under the Competitiveness and Innovation Framework Programme (CIP), entrepreneurs can now have easier access to finance and the possibility of borrowing higher loan amounts – up to EUR 25.000 while also benefitting from substantially reduced collateral requirements.

CKB signature

This transaction will generate a new portfolio of loans worth EUR 20m, primarily for finance investments and/or working capital over the next 3 years. CKB is the leading commercial bank in Montenegro, providing finance to a wide range of borrowers including SMEs, which allows the bank to reach out to entrepreneurs across the country.

Commenting on the deal, Mr. Gunnar Mai said: “I am delighted to be signing the first EIF Agreement in Montenegro for the benefit of local SMEs. Working with CKB demonstrates our objective of helping business not only across the EU but also in accession countries to access finance through the CIP programme. I am convinced that this transaction will help entrepreneurs in Montenegro to create and grow their businesses.”

CEO of Crnogorska komercijalna banka member of OTP Group (CKB), Mr. Szabolcs Horváth said: “Present agreement opportunity came into our current story at the most appropriate and needed time. Current circumstances are pushing Montenegrin economy as well as banks to search for new directions, to step toward developments. Targeted segment of Micro enterprises together with SMEs composes the solid pillar of the economy both in Montenegro and in the EU. I am personally satisfied because of our agreement with EIF, since this brings an exceptional opportunity for establishing a „win-win” framework, where all the parties have their own benefit: clients, bank, EU as well as the Montenegrin Government”.

About EIF

The EIF central mission is to support Europe’s SMEs by helping them to access finance. EIF designs and develops venture capital and guarantees instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About CIP

The Competitiveness and Innovation Framework Programme (CIP), which spans from 2007 to 2013, has been put in place to boost European productivity, innovation capacity and sustainable growth, whilst simultaneously addressing complementary environmental concerns.

Within the framework of the CIP, the European Investment Fund (EIF) has been allocated EUR 1.1 bn to be split between venture capital – with the High Growth and Innovative SME Facility (GIF) - and guarantees – with the SME Guarantee Facility (SMEG). EIF’s investment is funded by the European Union, through the Competitiveness and Innovation Framework Programme (CIP). CIP is a EUR 1.1bn facility managed by EIF, which is be split between Venture Capital and Guarantees. It covers the period 2007- 2013. CIP’s objectives are to generate economic growth and create more jobs as well as boost productivity, competitiveness and innovation in the EU, optimizing the use of European Union funds to support SME’s access to finance.

CIP banner

About Crnogorska komercijalna banka (CKB)

Crnogorska komercijalna banka is a member of OTP Group which is present – besides Montenegro - in 8 other countries in the South-Eastern Europe, serving altogether 12millions of clients, in 1500 branches with 4000 ATMs. Support to SME segment with quality banking services and specialized products is one of the key strategic priorities of OTP Group, implemented by CKB in Montenegro.

Press contacts:

EIF: Mr. David Yormesor, Communication officer, e-mail: d.yormesor@eif.org, tel (+ 352) 42 66 88 346

 

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