Micro, small, and medium-sized enterprises (MSMEs) in Montenegro will gain improved access to financing through a new partnership between the European Bank for Reconstruction and Development (EBRD) and Crnogorska Komercijalna Banka (CKB), with the support of the European Union (EU).
Under this agreement, the EBRD will provide CKB with a portfolio guarantee of up to €25 million, allowing a total credit portfolio of up to €50 million in new loans for MSMEs via the EBRD Portfolio Risk Sharing (PRS) instrument. The guarantee covers up to 50% of the credit risk, significantly reducing barriers for businesses seeking growth capital.
The initiative is backed by technical assistance and an EU counter-guarantee from the European Fund for Sustainable Development Plus (EFSD+), marking the first instrument of this kind in Montenegro. It targets underrepresented businesses, including women-owned, youth-led, and rural enterprises, to foster inclusive economic development.
Through risk-sharing, the EBRD and EU help CKB strengthen its resilience and expand credit access to MSMEs using its own resources. The approach combines innovative financial instruments with targeted support, creating new opportunities for the private sector in Montenegro.
Remon Zakaria, Head of the EBRD Office in Montenegro, emphasized that collaboration with CKB and the EU is a major step in expanding financing for enterprises most in need.
Bernard Brunet, Head of Cooperation at the EU Delegation in Montenegro, stated that the EU is committed to inclusive economic growth. He highlighted that the guarantees will encourage new and innovative projects by women entrepreneurs, young entrepreneurs, and MSMEs seeking financing from CKB.
Tamaš Kamaraši, Chairman of CKB, described the partnership with EBRD and the EU as a milestone for the bank and Montenegro’s financial sector. He noted that CKB is the first bank in the country to introduce a portfolio risk-sharing instrument, allowing financing to reach areas where it is most needed, strengthening resilience and sustainable growth.
The EBRD remains one of Montenegro’s leading institutional investors, with over €1 billion invested in sustainable development, infrastructure, private sector growth, and regional integration.
