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EBRD lends Societe Generale Banka Montenegro EUR 10mn for residential mortgages

January 28, 2014

The EBRD said on Jan 27 it is lending EUR 10mn to Societe Generale Banka Montenegro to support the extension of long-term residential mortgages in the Adriatic country in times of restrained access to financing. The EBRD said in a statement that one of the goals of its strategy in Montenegro is supporting the development of quality and affordable residential real estate sector. Furthermore, the Bank underlined that continued lending is important for the recovery of the domestic housing loans market. The loan is part of the Western Balkans and Croatia Financing Framework, which aims to improve the financial intermediation and assist banks and other financial institutions in extending finance to the private sector. Societe Generale Banka Montenegro, part of the French banking group, is the third largest bank in Montenegro in terms of total assets. It has a network of 20 branches. The lender already benefitted from two EBRD loans in the past. The EBRD has committed almost EUR 400mn in some 40 projects since the beginning of its activity in the country. Its financing generated over EUR 800mn of investment in the whole range of the Montenegrin economy.

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Source: IntelliNews - Weekly Reports

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