WE Finance Code Initiative in Montenegro Launched and the Second Generation of Women on Boards Introduced
19/03/2025
Today, the CBCG officially celebrated the launch of the implementation of the WE Finance Code initiative in Montenegro and introduced the second generation of participants to the Women on Boards programme. These initiatives, implemented with the support of the European Bank for Reconstruction and Development (EBRD) and the Frankfurt School of Finance and Management, aim to enhance the economic potential of women by improving access to financing and increasing their representation in governance. The event brought together leaders from the financial sector and state institutions, representatives of the diplomatic corps, academia, and participants of the first and second generations of the Women on Boards programme.
Opening the event, Montenegro’s President Jakov Milatović emphasised that Montenegro can only be strong and successful if it uses the full potential of all its citizens and economy and that no economy can afford to neglect a large part of its population in key areas such as governance, innovation and decision-making. “Therefore, investing in a similar programme represents an investment in the future - in a society where meritocracy, expertise and equality form the foundation of progress”, highlighted President Milatović and wished successful work to the second generation of Women on Boards participants believing that “their knowledge, leadership and determination will bring significant changes in the Montenegrin business environment and contribute to the country’s even stronger economic development”.
The CBCG Governor, Irena Radović, highlighted that achieving economic gender equality is essential for fulfilling pre-accession obligations and a critical component for sustainable economic growth and development. “To achieve the goal of ensuring that, by mid-2026, in line with the binding EU Directive on gender balance in economic decision-making, women make up at least 40% of board members and 33% of all executive positions in large private and state-owned enterprises, we need faster and bolder action”, said Governor Radović. She added that these programmes are examples of concrete actions designed and created to support women’s more substantial and better contribution to Montenegro’s economic progress. She also highlighted that the most notable progress in women’s inclusion has been made in Montenegro’s financial sector, where the percentage of women serving as board directors in banks has significantly increased.
The WE Finance Code National Coalition leaders in Montenegro - Deputy Prime Minister and Minister of Economic Development Nik Gjeloshaj and the President of the Management Board of NLB Bank Martin Leberle - welcomed the attendees.
“If we want a democratic society and a future that brings growth and economic progress, we must continuously create an environment that enables women to exercise their rights, to get the opportunity to advance, and then express their knowledge and expertise, and their managerial potential,” said Deputy Prime Minister Gjeloshaj.
Leberle pointed out that “more than 60% of managers at NLB Bank are women and the NLB has fostered a modern, innovative, and sustainably successful corporate culture”. He added that this bank has significantly expanded financing for women entrepreneurs across Montenegro and will continue to do so.
The Head of the EBRD office, Ramon Zakaria, pointed out the importance of these initiatives, highlighting them as an essential step forward in the joint effort to improve the financial sector and the broader Montenegrin economy. “By supporting women-led micro, small and medium enterprises, we aim to strengthen corporate governance, encourage innovation and contribute to sustainable economic growth,” said Zakaria.
After the introductory part, the WE Finance Code Montenegro programme was presented as part of a global initiative to strengthen women’s economic potential, enabling improved access to financing for women-led or managed companies. The discussions continued on the Women on Boards programme continuation, which will additionally contribute to preparing the business environment for implementing the EU Directive on equal representation of genders in key economic decision-making positions. Today, the second generation of programme participants was presented, including 21 women from the private and public sectors, who will attend specialised training in leadership and strategic decision-making in the coming months.
The WE Finance Code and Women on Boards initiatives are a significant step towards improving financial inclusion and leadership representation of women in Montenegro, contributing to creating a fairer and more economically prosperous society, concluded today’s meeting.
CBCG Governor’s speech
President of Montenegro’s speech
Deputy Prime Minister’s speech
Head of the EBRD Office’s speech
President of the Management Board of NLB Bank speech
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