EBRD and EU provide €3 million loan to NLB Banka AD Podgorica as part of SME Go Green programme

December 16, 2024 by The Sting's Team Leave a Comment

This article is brought to you in association with EBRD.

EBRD to extend financing under SME Go Green programme, complemented by EU funds
The funding of up to €3 million will be lent on to eligible small and medium-sized enterprises
The programme to support NLB in scaling up green economy investments or SMEs in Montenegro

The European Bank for Reconstruction and Development (EBRD), in partnership with the European Union (EU),is providing a loan of up to €3 million to NLB Banka AD Podgorica to contribute to the development of Montenegro’s SME sector – mainly for financing small and medium-sized enterprises (“SMEs”) . The loan is extended under SME Go Green programme, co-funded by the European Union through the Western Balkans Investment Framework (WBIF).

The proceeds of the loan will be used by NLB Banka AD Podgorica to provide financing for SMEs in Montenegro in green and sustainable technologies and to implement an inclusive agenda as at least 25% of supported enterprises are expected to be women-led.

On successful completion of their investment projects, SMEs will be eligible for a cashback grant of 10 per cent of the loan amount, or 15 per cent for investments in renewable energy and the agribusiness value chain. Financial incentives are funded by the EU.

The transaction will support the NLB to scale up green economy investments, including energy-efficient, resource-efficient, and renewable energy projects, while reducing environmental impact and enhancing sustainability and resilience to climate change risks. It aims to increase SME competitiveness and expand trade potential by fostering sustainability practices and adopting internationally recognized quality standards. Additionally, the programme seeks to strengthen the financial sector by promoting climate resilience and inclusiveness in the Western Balkans economies, improving financial institutions’ and businesses’ ability to implement sustainable, green-responsive solutions and enhance climate risk practices to ensure alignment with the Paris Agreement. Furthermore, it will encourage more equitable access to climate and other financial resources for women-led SMEs in the region.

The signing of the loan agreement took place today with the agreement being signed by Remon Zakaria, Head of EBRD in Montenegro, Martin Leberle, President of the Management Board of NLB Banka AD Podgorica and Lana Đurasović, Member of the Management Board of NLB Banka AD Podgorica. Signing ceremony was attended by Yngve Engstroem, Head of Cooperation in EU Delegation in Podgorica.

Remon Zakaria, Head of EBRD in Montenegro said “We are excited to introduce SME Go Green programme in Montenegro with our long-standing client, NLB banka that established itself as a reliable partner in promoting women’s empowerment and is now actively supporting green transition of Montenegrin economy. Our programme aims to help eligible businesses in Montenegro to access finance for green investments and to support their efforts to offer products and services that meet the highest EU climate and environmental standards.”

Martin Leberle, President of the Management Board of NLB Bank, said: “NLB Bank is strongly committed to creating a more inclusive and sustainable future for next generations. To take a step forward, we continue our long-standing partnership with the EBRD in sustainable development projects through the SME Go Green Programme, aiming to raise awareness of sustainable development and importance of green transition of Montenegrin economy. Our goal is to provide the necessary finance for eligible businesses to improve their competitiveness and trade potential via targeted investments in sustainability practices, and the adoption of internationally recognised quality standards. Together we can scale up green economy in Montenegro.”

NLB Banka AD Podgorica is one of the largest universal banks in Montenegro.

Since Montenegro joined the EBRD in 2006, the Bank has invested €906 million in 94 projects in the country. The Bank’s priorities for Montenegro are competitiveness, the green transition and further integration into regional and global markets.

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