UEA Ambassador Al Ulama: Loan from Abu Dhabi Fund trigger for agriculture development in Montenegro

    Podgorica, Montenegro (24 September 2015) — Ambassador of the United Arab Emirates Hafsa Al Ulama said that the $50 loan from the Abu Dhabi Fund for Development Fund to Montenegro is a symbol of strong relations established between the two countries and that it will be the most important trigger for developing agriculture, as an important sector of the Montenegrin economy. She in particular commended Agriculture Minister Ivanović’s efforts in arranging very good term for this loan.

    According to Ambassador Al Ulama, the loan was conceived as a long term development loan aimed at creating champions of the agricultural industry in Montenegro.

    She said that the applying conditions for these funds will not be strict or complicated, because they correspond with the purpose of the loan. One of the conditions stipulates that the user needs to invest 25% of the capital, as it is not only a loan given for certain business, it has to be a loan that will help industry development, Ms Ulama explained, adding that the loan could not be granted in small amounts. A defined minimum amount of the loan will be required in order to create new jobs and open new working positions. This is why the loan from Abu Dhabi Development Fund is a development loan, the UEA Ambassador concluded.

    Source: Government of Montenegro