Governor of the Central Bank of Montenegro, Irena Radović, along with her team, met with representatives from the European Bank for Reconstruction and Development (EBRD), led by Remon Zakaria, Head of the EBRD Office in Montenegro and Maria Risteska, Coordinator of the program from the Frankfurt School of Finance and Management.
The meeting officially launched the implementation of the Women Entrepreneurs (WE) Finance Code initiative in Montenegro, aimed at strengthening women entrepreneurship by improving access to financing for Montenegrin micro, small and medium enterprises (MSMEs) led or owned by women. Earlier this year, in June, a Memorandum of Understanding was signed in London between the Central Bank of Montenegro (CBCG) and EBRD, laying the foundation for the launch of this project.
As the statement from the CBCG mentions, Montenegro’s involvement in this significant global initiative, driven by the engagement of the CBCG, represents a key step towards improving economic inclusion and sustainable development in the country. Remon Zakaria, Director of EBRD’s Montenegro Office, emphasized that this collaboration is vital for the promotion of gender equality and business inclusion in Montenegro.
He also took the opportunity to congratulate the Governor on Montenegro’s acceptance into the SEPA (Single Euro Payments Area) system, stating that this step would further strengthen the Montenegrin economy and contribute to its inclusion and economic development.
Governor Radović expressed her satisfaction with the involvement of key public and financial services sector stakeholders in Montenegro, including commercial banks, microfinance institutions, and the Investment-Development Fund.
She noted that the engagement and enthusiasm of all relevant stakeholders would contribute to achieving the common goal – to make financial inclusion a reality and not just a promise. Radović emphasized that this initiative directly contributes to the economic empowerment of women and the use of their potential for more dynamic economic growth.
Discussing the current gender balance in Montenegro’s financial sector, the meeting highlighted that only 17.7% of loans to micro, small, and medium-sized enterprises have been granted to women-owned businesses. The participants agreed that this situation should spur further efforts to improve access to finance for women entrepreneurs.
They also stressed the need to work on identifying risks and removing barriers that hinder access to financing.
Radović particularly highlighted that under the WE Finance Code initiative in Montenegro, the Women on Boards (WoB) program is being implemented. This program focuses on developing talent to ensure greater inclusivity in economic decision-making positions, in line with European Union legal standards.
Zakaria praised Governor Radović’s commitment, as the initiator of the Economic Empowerment of Women Agenda in 2022, and as the founder of the WoB program at the national level. This program is part of the preparations for the implementation of the new Companies Act, which is expected to be adopted soon. The law includes provisions from EU regulations concerning quotas that require large companies in both the private and public sectors to ensure at least 40% of board seats are held by the underrepresented gender and at least 33% of all executive and non-executive directors.
The meeting also announced a workshop scheduled for tomorrow to define concrete steps for implementing the WE Finance Code initiative, with the participation of all relevant stakeholders from the financial and public sectors.
Attendees at the meeting included Selma Demirović, an associate from the EBRD office in Podgorica, Kalum Volis, a gender equality and economic inclusion analyst from EBRD’s London headquarters, and representatives from the Frankfurt School of Finance and Management: Hana Wutke, project manager, Gojko Vučinić, banking expert for small and medium enterprises, Ufuk Cogur, data expert, and Ana Saveljić, national coordinator.
