Podgorica, Montenegro, August 29, 2016
–IFC, a member of the World Bank Group, is providing a €4 million loan to Alter Modus, a microfinance institution in Montenegro, to help improve access to finance for micro-enterprises and small businesses.
The loan is part of a broader effort by IFC to eliminate extreme poverty and boost shared prosperity in Montenegro. It is designed to allow smaller businesses to access loans and other vital forms of financing, making it easier for them to expand, create jobs, and stimulate economic growth. IFC's financing is considered key in a country where more than 60 per cent of employed are working in smaller enterprises, which are also generating more than 30 per cent of exports.
“By providing micro-enterprises and small businesses with loans, we can help unlock their potential and, over the long run, create a solid base for sustainable economic development in Montenegro,” said Luka Djurovic, Alter Modus' chairperson. “Our co-operation with IFC, the largest global development institution concentrating on the private sector, is also a confirmation of our high-quality work to date.”
IFC will also support the efforts of Alter Modus to increase the number of its micro-enterprise and small business customers over the next four years.
“By extending this loan to Alter Modus, we are also signaling our confidence in Montenegro’s microfinance sector,” said Thomas Lubeck, IFC Regional Manager of the Western Balkans. “Microfinance institutions are essential for the development of Montenegro’s smaller companies and we continue to support increased access to finance for entrepreneurs in the country.”
Montenegro became a shareholder and member of IFC in 2007. Since then, IFC's investments in Montenegro have totaled $87 million. IFC focuses on increasing access to finance by supporting the development of local financial institutions, particularly ones that lend to small and medium enterprises. IFC has also invested in the country’s retail sector and is looking into other opportunities in what is a fast-growing economy. IFC’s advisory services in Montenegro, some offered in partnership with the World Bank, aim to improve the investment climate, bolster the performance of private sector companies, and attract private sector participation in infrastructure projects.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
About Alter Modus
MFI Alter Modus Ltd. is the largest micro-credit financial institution in Montenegro, specialized in loans to entrepreneurs for investments in growing their businesses as well as to households for home acquisition and/or improvement. Founded with the strategic objective to operate as a leading financial institution specialized in providing a range of financial services tailored to the specific needs of micro and small business entrepreneurs throughout Montenegro. Alter Modus successfully engaged in providing microcredit services for more than 17 years in Montenegro, has its head office located in Podgorica and operates through 15 branches/sub-brunches across the country, serving at the moment over 19,000 clients.
For more information, visit: