In mid-2015, the then Investment and Development Fund (IDF) signed a contract with the Abu Dhabi Fund on behalf of the Government in the amount of 50 million dollars, based on which it, as a contracting party, acquired the right to withdraw funds from the loan from that fund and place them with end users. At the same time, the IDF committed to using the funds exclusively to finance development projects of goods and services for the needs of project implementation, as well as to repay the loan.
The companies that owe the Development Bank (the name after the transformation of the IRF) $27.3 million are "Milkraft Leče", HM "Durmitor", "Vektra Jakić", "IM Gradina", "Eko Per" and "Amanda". "Milkraf Leče", "Vektra Jakić", IM Gradina" and "Amanda" each took out three million dollars in loans through the Abu Dhabi Fund, "Eko Per" two and a half million, and HM "Durmitor" two million dollars.
The Government's information on the credit arrangement financed from the Abu Dhabi Fund stated that the uninvested funds amount to 3.4 million dollars and that they were used to repay due liabilities in accordance with the repayment plan to the Abu Dhabi Fund.
– The companies "Milkraft Leče", HM "Durmitor", "Vektra Jakić", IM "Gradina", "Eko per" and "Amanda" owe a total of 27.32 million dollars as of March 31st and the loan agreement with them has been terminated – reads the information adopted by the Government at yesterday's session chaired by Prime Minister Milojko Spajić.
The companies "Mesopromet", "Agro carine" and FML Nikšić have fully settled their credit obligations, while IM "Goranović" has an active loan with a total outstanding debt of 1.4 million euros.
– In order to resolve the problems that have arisen regarding the credit arrangement and the settlement of obligations towards the Abu Dhabi Fund, we propose that the Government adopt a conclusion giving consent to the Ministry of Agriculture, Forestry and Water Management to form an interdepartmental working group consisting of representatives of the Development Bank of Montenegro, the Central Bank of Montenegro, the Special State Prosecutor's Office, the Commercial Court, the Protector of Property and Legal Interests of Montenegro, the Ministry of Finance, the Ministry of Justice and the Ministry of Agriculture, Forestry and Water Management, which will propose a model for resolving problems arising from delays in loan repayment – the information states.
The government will verify the conclusion at the next session.
The contract with the Abu Dhabi Fund in 2015 was signed by Zoran Vukčević, then chairman of the IRF board of directors, while the then Minister of Agriculture Petar Ivanović acted as a witness.
– The Ministry of Agriculture and Rural Development is recognized in the contract as the "Beneficiary" of the loan, which is authorized, in accordance with the contract, to manage and maintain the project, as follows from the documentation and facts – it was stated in the information adopted by the Government.
It was also stated that the Ministry of Agriculture withdrew funds in two tranches: $15 million in late August 2015 and $14.6 million in mid-May 2017.
1,350,000 euros for tourism promotion
The Government has adopted the Program of Incentive Measures in the Field of Tourism for 2026, which defines: measures to be implemented; beneficiaries of support funds; conditions for allocating funds with amounts; criteria and procedure for allocating funds that serve to create conditions for further development of a high-quality, year-round and diversified tourism product in accordance with strategic documents. The Program aims to increase the level of competitiveness of the tourism product, make the destination more attractive, improve marketing activities, and improve the accessibility of Montenegro from a larger number of source markets, and towards generating higher revenues in tourism, extending the tourist season, increasing the occupancy rate of accommodation capacities, consumption and employment.
The program includes seven support measures. Funds for incentive measures are allocated through public calls conducted by the Ministry of Tourism and the National Tourism Organization of Montenegro, and are projected to amount to 1,350,000 euros.
