The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, is expanding its Women in Business (WiB) programme to Montenegro. The WiB Montenegro programme, which is supported by the governments of Sweden and Luxembourg, offers women entrepreneurs advisory services, training, mentoring and access to EBRD’s online “self-diagnostic” service Business Lens. In addition, the participants may gain access to loans from local lenders. The first of these to be identified is Alter Modus, a microlender that is borrowing EUR 1 million (USD 1.1 million) from EBRD for onlending as part of WiB.
Jaap Sprey, the manager of EBRD’s operations in Montenegro, said, “Support to Women in Business in the form of finance and advice can have a major impact on the economy of Montenegro.”
Through 2019, EBRD’s WiB Programme has provided 60,000 micro-, small and medium-sized enterprises (MSMEs) led by women in 18 countries with EUR 500 million (USD 547 million) in credit lines. In addition it has raised EUR 70 million (USD 82 million) for a portion of this lending as well as support services from the EU and the governments of Italy, Kazakhstan, Luxembourg, Sweden, Switzerland and Turkey, as well as several EBRD accounts, including the Taiwan Business-EBRD Technical Cooperation Fund. In the Western Balkans, WiB has supported 5,000 women.
Founded in 1999, Alter Modus offers loans ranging in size from EUR 1,000 (USD 1,130) to EUR 50,000 (USD 56,600) from 18 offices in Montenegro. The institution’s loan portfolio amounted to EUR 46.7 million (USD 52.5 million) as of 2018. Its 21,000 customers are mainly microentrepreneurs, small enterprises, salaried employees and pensioners. The organization’s investors include EBRD, the Luxembourg-domiciled European Fund for Southeast Europe and Dutch investment manager Triple Jump.
EBRD was founded in 1991 and is headquartered in London. The bank, which operates in Europe, Central Asia, North Africa, Russia and the Middle East, provides loans, debt securities, equity investments and technical assistance to micro-, small and medium-sized businesses via commercial banks and microfinance institutions. As of 2019, EBRD’s shareholders comprise 67 countries plus the EU. With a focus on “the promotion of private and entrepreneurial initiative,” the bank invested EUR 9.5 billion (USD 10.9 billion) during 2018 in 395 projects. In Montenegro, EBRD has provided financial support, advisory services and technical assistance to 60 projects worth EUR 571 million (USD 626 million) and approximately 100 women-led MSMEs.
By Anna Gravois, Research Associate
Sources and Additional Resources
EBRD press release
https://www.ebrd.com/news/2019/ebrd-launches-women-in-business-programme-in-montenegro.html
EBRD homepage
https://www.ebrd.com
EBRD Women in Business homepage
http://www.ebrdwomeninbusiness.com
EBRD Business Lens homepage
http://ebrdbusinesslens.com
Alter Modus homepage
https://alter-modus.com
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