EBRD lends EUR 10mn to Societe Generale Banka Montenegro to support SMEs.

By bne IntelliNews December 4, 2012
The EBRD said it is providing a EUR 10mn credit line to mid-sized lender Societe Generale Banka Montenegro in order to solve the problem of long-term financing to small and medium-sized enterprises (SMEs) in the country. The average loan size each company can take will be EUR 250,000 and the average tenor will at least three years, the EBRD said in a statement. The financial resources will be focues on SMEs located outside the capital of Podgorica in order to boost their development in all regions. Since the beginning of its operations in Montenegro, the EBRD has invested about 300 million in the country's economy. The loan is part of the EBRD's Western Balkans and Croatia Financing Framework worth EUR 250mn.Societe Generale Banka Montenegro is the fourth largest bank in the Adriatic country in terms of assets and has a network of 20 regional branches. The EBRD has invested about EUR 300mn in Montenegro since the start of its operations in the country.

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