Meeting with the EBRD
28/03/2024
The CBCG Governor, Ms Irena Radović, and her team met today with the European Bank for Reconstruction and Development (EBRD) team, led by Mr Francis Malige, the Managing Director for Financial Institutions and a member of the advisory body to the Executive Committee and the EBRD President.
Informing of banks in Montenegro, Governor Radović assessed the banking sector as stable, highly liquid and well-capitalised. “Along with other positive trends in key balance positions, the year-on-year growth of bank capital at the end of February 2024 by 20% confirms the banking sector’s health and stability,” the Governor highlighted. To continue positive trends, the CBCG focuses its activities on supervising the application of legislation governing banking and its further harmonisation with relevant EU directives.
Governor Radović pointed out that the CBCG sees cooperation with the EBRD as highly important for improving access to funding sources, especially for vulnerable categories. The forthcoming signing of the Memorandum of Understanding between the CBCG and the EBRD on implementing the WE Finance Code project will significantly contribute to this goal. It is a global initiative through which financial service providers, supervisors, development banks, and other actors in the financial ecosystem commit to joint work to increase the financing of MSMEs managed by women.
At the meeting, they also discussed the need to implement reforms and investments towards Montenegro’s joining the European Union. Director Malige highlighted the EBRD’s readiness to support Montenegro on that path in accordance with the institution’s strategic priorities.
The counterparts agreed on more intensive cooperation to further improve legislation governing financial service providers and strengthen the CBCG’s role in green transition and implementing ESG standards in the financial system. At the meeting, they also discussed concrete initiatives, the implementation of which would unlock new opportunities for sustainable financing and a greener, more resilient future.
The EBRD team at the meeting consisted of Ms Aleksandra Vukosavljević, the Director for Financial Institutions in Western Balkans and Eastern Europe, Mr Miloš Kosić, the Head of the Department for Financial Institutions in Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia, Mr Remon Zakaria, Head of the EBRD Office in Montenegro, and Ms Selma Demirović, Associate Banker in the EBRD Office in Montenegro.