Chakrabarti says that the bank would implement a strategy related to three sectors in Montenegro in the next four years. First – to improve the competitiveness of the private sector in Montenegro, focusing on improvement of operations in agriculture sector. The second – improving integration of Montenegro and the Western Balkans, with a focus on energy and transport connections in the region and the third area is the area of sustainable energy – renewable energy and sustainable tourism. EBRD has been present in Montenegro since restoration of its independence and it invested €530m in forty projects.
“Only in the last three years, our investments amounted to €250m. It should be borne in mind that Montenegro has a fairly small population, but if you compare it to 36 other countries out of 37 countries the bank invests in – we have the highest level of investment per capita in Montenegro. It is the first among all the other countries. I believe we have emphasised to do more in the region in general, but more in small countries like Montenegro. I am proud of the work dine”, said Chakrabarti.
The EBRD and its president believe that Montenegro has done a lot in order to become attractive to foreign investors. Thus, the EBRD, with loans it approves, has become a co-owner in several Montenegrin companies, such as the Voli company.
“This is the company we have cooperated with since 2009 – three years after we started to invest in Montenegro. Firstly, we provide some loans to help the company expand and now we are actually co-owners of it… The company has the potential to really affect agricultural businesses in the country and to improve standards in the value chain, which will really help the private sector in Montenegro to become more competitive”, said Chakrabarti.
Chakrabarti said that the Adriatic-Ionian highway was one of the projects the bank might invest in.
“If the feasibility study shows that the project is economically viable and if the cost-benefit analysis of the project is positive, then the EBRD will be very interested in financing this project. This is something which is, of course, politically important when it comes to the road to Greece via Croatia, or via the Balkans… The highway will contribute not only to political, but also to economic integration”, said Chakrabarti.
Although there is the word “Europe” in its name, the EBRD does have shareholders from the US, Japan, Australia, Korea, North Africa and from many non-European countries. It is not the bank of the European Union and therefore Bregzit cannot influence this financial institution headquartered in London, Suma Chakrabarti concluded.
