The following WB EDIF financial instruments are in place in Montenegro
WB EDIF Guarantee Facility
EIF signed an agreement with CKB Montenegro in September 2014 for a portfolio of EUR 7.9m, the instrument has been absorbed extremely well by the market.
Following the success of the first round of financing, a further envelope of EU funding was deployed via the same instrument by EIF during 2016, under the title WBEDIF Guarantee Facility II.
WBEDIF Guarantee Facility II
EIF signed an agreement with CKB Montenegro in November 2016 for a portfolio of EUR 20m, the instrument will start being deployed on the market in early 2017.
The following WB EDIF Support Services projects are in place in Montenegro
Small Business Act (SBA) monitoring: this project, run by the OECD, provides a monitoring tool which allows for a transparent and comparative way of ensuring that WB EDIF’s reform priorities can create regional synergies between government and donor efforts in supporting SMEs. The upgraded SME Policy Index methodology aims to deepen the assessment, to better capture policy performance and provide more detailed recommendations for Montenegro.
For more information please visit: http://www.oecd.org/globalrelations/smallandmedium-sizedenterprisessmepolicyindex.htm
Road to Europe – Program of Accounting Reform And Institutional Strengthening (EU-REPARIS): this project, run by the World Bank, supports the implementation of corporate financial reporting frameworks in line with the EU standards in the countries of Southeast Europe with a view to promoting enhanced availability, transparency and reliability of financial information. Sound CFR provides systematic information to business management (better monitoring leads to greater efficiencies), supports a business environment that is conducive to access to finance, and helps reduce the burden of tax compliance. REPARIS furthermore provides essential support to beneficiary countries to help them ensure their financial reporting frameworks are in line with requirements of the EU acquis communitaire.
Advice for Small Businesses (ASB); this project, run by the EBRD, helps SMEs to improve, grow and develop to a point where they are better able to attract investment. ASB provides direct support to SMEs in the WB economies by improving investment readiness of companies, introducing international best practices in accounting and financial management, strengthening human capital and expertise, enhancing innovation and assisting with export compliance standards, to name a few activities
For more information please visit: http://www.ebrd.com/work-with-us/advice-for-small-businesses/montenegro.html
Support Services management and coordination; the EIB has been nominated as the WB EDIF Support Services Manager and Coordinator; whereby it centralises and harmonises monitoring, reporting and communication strategies, as well as measuring impact and identifying delivery gaps in the market.