EBRD mulls providing EUR 9.1mn loan for yacht repair facility in Montenegro.

By bne IntelliNews August 22, 2012
The European Bank for Reconstruction and Development (EBRD) said it is considering providing a EUR 9.1mn loan to Montenegro Yacht Repair, a joint venture between Montenegro's Adriatic Marinas and an international yacht repair specialist. The loan will be used to finance part of the construction and development costs of a yacht repair facility within the existing Adriatic Shipyard in Bijela. The total estimated project cost is EUR 16mn. The project will have a significant impact on the services sector in Montenegro as it will create a new market which to support the tourism industry in Montenegro, the EBRD said. It is also expected to promote SME activity through expansion of backward linkages to suppliers and other businesses. Adriatic Marinas is the owner and operator of Porto Montenegro, the marina in Tivat. A yacht repair specialist company will be the operator of the repair facility, and will be engaged in the daily operations and management of the facilities.
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