World Bank Approves €59.1m Loan for Montenegro

The 20-year loan, comes at six-month Euribor plus 80 basis points and includes a five-year grace period, Montenegro’s Finance Ministry said in an e-mailed statement today following a meeting of World Bank board of directors in Washington, according to Bloomberg.

The loan supports “Montenegro’s progress in implementing reforms in its banking and financial services,” the ministry said.

The World Bank’s resident representative Jan-Peter Olters said in June that the loan will support Montenegro’s budget, help revitalize its banking industry and help strengthen the supervisory role of the country’s central bank as it strives to improve confidence in commercial lenders. Disbursement is expected by early 2012.