EBRD urges Montenegro to resolve fate of aluminium company KAP.

By bne IntelliNews November 8, 2012
The European Bank for Reconstruction and Development (EBRD) said that Montenegro had to resolve the fate of aluminium company KAP, pointing out that this is one of the key priorities for the country next year, the bank said in its Transition Report 2012. Thus, the government had to elaborate a clear action plan for major restructuring or closure of the company, which employes a significant part of the labour force and accounts for a large share of exports, the bank said. Among Montenegro's other key priorities for 2013 is further strengthening of the financial system and maintenance of adequate access to financing of the SMEs. The government has to ensure a transparent regulation for the financial sector, rather than try to support troubled banks, the EBRD said. Montenegro has to make further progress in restructuring the power sector in order to improve electricity supply and efficiency. The EBRD assessed positively the government's efforts to adopt an ambitious energy development strategy, but pointed out that the country has to establish instruments to promote renewable energy and energy efficiency. Montenegro's GDP is expected to increase modestly by 0.3% in 2012. Diversification of the economy is the main challenge for sustainable economic growth in the medium term, the EBRD said. However, Montenegro will benefit from its progress in the EU accession process, which will help the country attract more FDI and to boost its growth prospects.

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