Agreement on long-term loans for Montenegrin agriculture worth $ 50 million signed with Abu Dhabi Fund for Development

    Abu Dhabi, United Arab Emirates (5 June 2015) — The agreement on long-term loans for Montenegrin agriculture in the amount of $ 50 million was signed Thursday at the headquarters of the Abu Dhabi Fund for Development (ADFD). The agreement was signed by ADFU’s representatives, Montenegro’s Agriculture Minister Petar Ivanović and Director of the Investment and Development Fund Zoran Vukčević.

    Following the signing ceremony, Minister Ivanović said it is about a friendly, rather than a commercial or financial arrangement, bearing in mind that the Montenegrin farmers will get the opportunity to export their products to the United Arab Emirates.

    “In order to help them, we have started today intensive discussions with representatives of agencies and institutions involved in the issuance of certificates for export and standards establishment,” he explained.

    The ADFD’s loan provides for a seventeen-year repayment period, four-year grace period, and 2.5% of interest rate.

    The loan terms will allow not only new investments based on modern technologies, but also new jobs creation, reaching standards and gradual increase in exports.

    Source: Government of Montenegro