May 20, 2021 marked the launch of the Credit Guarantee Fund Support Program, in Podgorica, Montenegro. The Minister of Economic Development, Mr. Jakov Milatović, representatives of the EBRD and Crimson Capital launched initial preparations for the establishment of a Credit Guarantee Fund (CGF).

Minister Milatović stressed that the goal of the CGF is to help open up SMEs access to finance by reducing the perceived risk on the part of financial intuitions. He added he is very grateful to the EBRD, which, will help establish this institution in Montenegro. “Having in mind that this is the first time that such an institution is being established in Montenegro, your support and experience are valuable to us on this journey, and I am really looking forward to working with you and Crimson Capital to get the CGF up and running as soon as possible.”

Crimson has been contracted by the EBRD to support the Government of Montenegro in determining key specifications and requirements for a Credit Guarantee Fund (CGF), intended to be an independent, long-term and sustainable entity to improve access to finance for SMEs and underserved businesses.

To read the press release about the launch posted by the Ministry of Economic Development of Montenegro, click here.