CBCG Governor Meets the Head of the IFC Office for Bosnia and Herzegovina and Montenegro
19/06/2024
The CBCG Governor, Ms Irena Radović, met today with the head of the International Finance Corporation (IFC) office for Bosnia and Herzegovina and Montenegro, Mr Armin Ridžalović. They discussed the cooperation models between the CBCG and the IFC and the activities within the five-year Montenegro Country Partnership Framework, which is expected to be adopted by the end of the year.
The head of the IFC office said that the Partnership Framework 2025-2029 foresees support for SMEs in accessing financing through advisory and financial cooperation with banks and non-bank credit institutions in Montenegro. Mr Ridžalović also pointed out that the IFC would continue to encourage regional platforms and support the Montenegrin private sector in achieving sustainable economic growth and resilience to climate change, especially in the energy, tourism and agriculture sectors.
“IFC will also consider the possibility of directly financing blue and green tourism projects, trying to attract and retain private investments in the hospitality sector, with a special focus on projects with greater potential for promoting ecological sustainability,” Ridžalović said.
Governor Radović thanked the IFC for its past support to the Montenegrin financial sector and expressed her readiness to intensify cooperation in sustainable financing in Montenegro. The Governor expressed her expectation that the IFC would contribute to rounding off the regulatory framework that would ensure the inclusion of elements of sustainable development in all future financing projects.
“The Central Bank is extremely committed to encouraging green and sustainable financing, and we believe that quality cooperation with international partners is essential for achieving this goal,” said Governor Radović.
IFC is a member of the World Bank Group, and the largest global development institution focused on the private sector in developing markets. In fiscal year 2023, IFC placed a record 43.7 billion USD to private companies and financial institutions in developing countries.