Montenegro Receives $85 million Development Loan
Montenegro’s finance minister Milorad Katnic and World Bank director for Southeast Europe Jane Armitage have signed a development policy loan in Washington worth $85 million (€62 million).
The deal, which was signed yesterday, has a 20-year maturity and five-year grace period. The interest rate is tied to a six-month EURIBOR and a 0, 80% margin, which currently represents 2, 5% annually.
The funds will be used to support the 2012 Budget, according to a statement issued by the government of Montenegro.
Minister Katnic said the World Bank’s decision to issue a loan reflected the country’s economic progress in recent years.
“The World Bank loan means more than money for Montenegro; it confirms that we have been conducting a credible and responsible policy,” Katnic said.
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