Podgorica, (MINA-BUSINESS) – The Credit Guarantee Fund Bill is expected to accelerate Montenegro’s economic development and facilitate access to finance for companies and entrepreneurs.

Presenting the bill to Parliament, Deputy Prime Minister for Economic Policy and Minister of Economic Development Nik Gjeloshaj said that this long-awaited legislative proposal was very important for Montenegro’s economic development. 

Gjeloshaj explained that the core objective of the Fund was to support and accelerate economic development by improving access to financing for micro, small, and medium-sized enterprises (MSMEs), entrepreneurs, and self-employed individuals.

He noted that the Credit Guarantee Fund would focus on underserved clients in the financial system, unlocking new potential within the banking sector – especially for MSMEs.

“Due to strict regulations, commercial banks often have high credit risk management standards that many entrepreneurs, micro, small and medium-sized enterprises find difficult to meet. They often lack resources, such as sufficient collateral, sound financial management, or an established credit history and business performance. Therefore, this Fund will create new opportunities for them to access financing and grow their businesses,” said Gjeloshaj.

The European Bank for Reconstruction and Development (EBRD) served as Montenegro’s consulting partner in establishing the Fund and will remain a strategic partner in this process.

The law defines the Fund as an independent institution, with initial capital of €10.6 million, fully provided by the Government. Of this amount, €600,000 will be used to establish operations, and €10 million will support the business sector.