Abu Dhabi Fund Loans Cash to Montenegrin Farming


News
05 Jun 15

Abu Dhabi Fund Loans Cash to Montenegrin Farming

Montenegro plans to expand its agricultural exports and create new jobs in the sector, using a loan of 50 million US dollars from the Abu Dhabi Fund for Development.

Dusica Tomovic
BIRN

Podgorica

Mohammed Al Suwaidi, the director general of the fund, on Thursday signed the loan agreement with Petar Ivanovic, Montenegro’s Minister of Agriculture and Rural Development.

Ivanovic said the loan would be used to boost agricultural production in the small and largely mountainous Adriatic country.

The loan from Abu Dhabi would help to create new jobs in the farming sector and expand exports, he said, mentioning a target figure of 2,000 new jobs.

“Montenegrin farmers will get the opportunity to export their products to the United Arab Emirates,” Ivanovic noted.

“To help them, we have started intensive discussions with representatives of agencies and institutions involved in the issue of certificates for export,” he explained.

Ivanovic recalled Yugoslav once exported goat meat to the Middle East and that the loss of this market had hit producers in Montenegro.

“We are in the process where we are trying to increase agricultural production, focus more on products where we can be competitive and export those products,” he said.

The Abu Dhabi loan must be repaid over 17 years with a grace period of four years and is charged at an interest rate of 2.5 per cent

Source: Balkan Insight (Montenegro)