Governor Meets the EBRD Team
05/07/2024
The CBCG Governor, Ms Irena Radović, met today with the European Bank for Reconstruction and Development (EBRD) team led by Ms Barbara Rambousek, the EBRD Director for Gender and Economic Inclusion, and Mr Remon Zakaria, Head of the EBRD office in Montenegro.
At the meeting, they discussed the cooperation between the CBCG and the EBRD towards strengthening the Montenegrin regulatory and supervisory framework, as well as the implemention of initiatives supporting the green transition and implementing ESG standards in the financial system.
In light of the recently signed Memorandum of Understanding between the CBCG and the EBRD, they paid particular attention to the WE Finance Code project, which the two institutions are implementing in partnership to improve access to financing sources further for Montenegrin MSMEs managed or owned by women. They discussed further regional coordination of central banks and other regulators jointly contributing to the implementation of the WE Finance Code Project.
Governor Radović thanked the EBRD for the cooperation and support in projects to improve the regulatory framework and strengthen Montenegro’s economic environment.
“CBCG remains committed to improving Montenegro’s business environment through harmonisation with European standards with the accent on inclusion and the Montenegrin economy’s sustainability,” said Governor Radović.
Ms Barbara Rambousek, the EBRD Director for Gender and Economic Inclusion congratulated Governor Radović and the team on the results the CBCG, the ambitious reform agenda, as well as activities to promote the green transition and innovation in the financial system.
“Commitment to these topics guarantees achieving long-term results, sustainable financial development, and the success on the EU path”, said Ms Rambousek.
At the meeting, they also discussed further activities and the implementation of the programme for the second generation of attendees to the Programme of developing female leaders for decision-making positions in Montenegro, Women on Boards, which is the first step towards more inclusive economic development and achieving full potential of the Montenegrin society.
For this very reason, the EBRD will financially support the second phase of the Women on Boards programme through the “We Finance Code” project launched in Montenegro last year on the initiative of the then executive director of the IRF and the current CBCG Governor, Ms Irena Radović. The Women on Boards programme was launched on the EU countries’ model to prepare the Montenegrin business environment for the implementation of EU directives that foresee greater participation of women in corporate decision-making positions in accordance with the binding acquis communautaire and the application of ESG standards.
WE Finance Code is a project launched in October 2023 to improve the financing of SMEs run by women. Montenegro is one of the first 13 pilot countries included in this project. The Code based on a global framework enables adaptation to the local context and provides flexibility in application and adoption in the local financial ecosystem.
Regulatory bodies, banks and other financial services providers, professional associations, investors, technical service providers and other stakeholders in the domestic financial ecosystem are encouraged to accept the Code and contribute to improving data that will achieve greater visibility of women in business, to create products and services for better financing of entrepreneurship. The project encourages the creation of national public-private coalitions in participating countries to introduce the Code and establish systems for monitoring progress.