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20/06/2017

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, met with Mr James Polan, Vice President of the United States Government Agency OPIC (Overseas Private Investment Corporation). The President of the U.S. Chamber of Commerce, Ms Katarina Bulatović and Deputy Chief of the Political and Economic Section in the United States Embassy to Montenegro, Mr Vivek Joshi were also present at the meeting. 

OPIC is a financial and development institution founded by the U.S. Government with the aim of providing support to private sector overseas. As Mr Polan mentioned, OPIC invested over USD 20 billion in implementing development projects in some hundred countries in the world. The OPIC representatives are visiting Montenegro to discuss the possible cooperation with public and private sector representatives.

The Vice President Polan emphasized that OPIC showed interest to invest in Montenegro primarily in a way to provide support to small and medium sized businesses. On the other hand, there is also a possibility to make larger investments in Montenegro, as Mr Polan mentioned.

The Governor Žugić showed gratitude to the speakers, primarily for the support American partners provided to Montenegro in the process of joining the NATO and afterwards for showing interest to invest in Montenegro. “Montenegro is an interesting destination for foreign investments, having a significant level of those up to now while expecting their further increase in the upcoming period, which will be impacted by the fact that Montenegro joined the NATO and the constant improvement in business environment it has been committed to” said the Governor Žugić, adding he was especially pleased with the interest OPIC showed for Montenegro, for the fact that American investors are still not so present in our country as we would like them to be.

The Governor Žugić presented the current condition in the banking system, mentioning the possible fields of cooperation between Montenegro and OPIC when it comes to the CBCG competences. As the Governor Žugić said, cooperation would be possible in the following three segments, those being: support to Montenegrin investment-development fund in providing funds required for the real sector, support to micro-credit institutions in demonopolisation with the final aim of reducing interest rates these institutions offer to their clients, as well as support to individual banks in resolving current vulnerabilities.

The Governor Žugić also added that Montenegro has at its disposal a vast, non-valorised resources, therefore, to that effect, the OPIC support would be precious in energetics, tourism, industry, infrastructure, agriculture and alike.

Further communication with the aim of making cooperation proposals discussed today more concrete was also agreed.