The President of the Management Board of the Development Bank of Montenegro, Nikola Tripković, announced that this year the bank is planning stronger support for the Montenegrin economy in the amount of 200 million euros, which is 33 percent more than the plan for last year.
The plan will be implemented this year within 16 financial support programs for the Montenegrin economy, with a focus on development priorities in line with the Government's economic policy.
"We started the year very ambitiously. For the first quarter, we achieved a placement in the total amount of more than 46,5 million euros, which is 35 percent more compared to the same quarter of the previous year. We offer new support programs, intended for entrepreneurs, micro, small, medium and medium-sized enterprises, with the most favorable financing conditions, when it comes to longer repayment periods and the possibility of using a grace period, with a fixed interest rate," said Tripković.
He added that the Development Bank also provided special benefits in the form of incentives, i.e. reduction of interest rates for companies that implement projects in municipalities of the northern region and municipalities that are below the average level of development at the level of Montenegro.
Lower interest rates
Tripković announced that the Development Bank has already secured lower interest rates by 0,5 percentage points for investments compared to the previous year, and that the lending conditions will be continuously improved.
"I would emphasize that the focus will be on investments, because it is by increasing the range of investments that we contribute to improving the standard of living of citizens and reducing the unemployment rate in the country. Our role will not only be credit, but we will also become market educators, recognizing and creating opportunities for progress and innovation," added Tripković.
According to his words, the primary goal of the Development Bank is not to make a profit, but to have a development component.
"We want to contribute to the creation of new values, contributing to the development of the Montenegrin economy, by financing sustainable, high-quality business ideas," said Tripković.
He emphasized that the Development Bank did not stop working for a single day during the transformation period, but rather this institution worked diligently to ensure that all work started at the IRF continued smoothly and was completed this year, within the framework of the newly established Development Bank.
Photo: Development Bank of MontenegroNikola Tripkovic
"Since the new year, we have officially started working, with no interruptions in providing services to clients, although we have successfully completed a very complex process related to the institution's registration, as well as changes in the organizational structure. I am proud of the fact that as a team we have successfully carried out this phase of transformation and, in addition, managed to record a very large increase in placements in this first quarter," said Tripković.
The Development Bank is working diligently to fulfill all obligations under the Law on the Development Bank in accordance with the defined deadlines.
"Our goal is to change our performance on the market and build a bank that will be client-oriented, proactive, dynamic and flexible. We are also working on improving relations with clients, with a proactive approach, in order to improve their comprehensive experience, through education and advice for easier access to funds," Tripković said.
Customer development support
He added that they will focus on supporting their clients' business development by having their loan officers become small business partners to their clients, helping them make better decisions regarding their financial needs.
Tripković announced that the Development Bank, as a state financial institution, will continue to support women in business, youth, individual agricultural producers and other vulnerable groups facing challenges in accessing financial resources.
"We will strive to be the leader of the investment cycle and development, in order to strengthen local production, which should contribute to the reduction of imports and the strengthening of exports. To this end, we are also developing a credit line to support production. In the coming period, the emphasis will be on strengthening the competitiveness of micro, small and medium-sized enterprises. The priority is to preserve existing and create new jobs through continuous cooperation with the relevant ministries, the economy and local governments," said Tripković.
The focus of the Development Bank's activities is the financing of priority sectors (tourism, agriculture, production, energy), then, support for the development of entrepreneurship through the financing of special target groups (youth, beginners in business, women, individual agricultural producers), support for sustainable development through the green and digital transition, and support for balanced regional development in order to improve the quality of life.
Source: MINA
