NewsIRF's three-year success story: A boost to Montenegro's economy

IRF’s three-year success story: A boost to Montenegro’s economy

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Over the past three years, under the guidance of the Investment and Development Fund’s (IRF) Board of Directors, Montenegro’s economy has received significant support, amounting to €613.5 million. The institution has also achieved a profit of €13 million during this period, as announced by IRF.

At the latest meeting of the IRF Board of Directors, chaired by Velizar Kaluđerović, with Irena Radović and member Marko Ivanović, it was disclosed that the past year marked the most successful business performance since IRF’s establishment, with a profit of €9 million.

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The mandates of the current Board members will come to an end on Monday, following the government’s decision, and a new Board composition will be appointed.

The meeting also saw the approval of the Management Report, which highlighted a positive business outcome of €9 million for IRF in the previous year, making it the most financially successful year to date.

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Reviewing the cumulative period from 2021 to last year, during which Radović served as the Executive Director until her appointment as Governor of the Central Bank in December last year, IRF achieved a total positive financial result of €13 million, with €2.1 million in 2021, €1.9 million in 2022, and €9 million last year.

During this period, IRF provided substantial financial support to the Montenegrin economy through the approval of 1,330 loans under favorable terms, amounting to €613.5 million. Notably, 99.1% of these loans have been consistently repaid.

It was emphasized that the Board of Directors rigorously evaluated loan requests, ensuring a professional and unbiased approach to all potential clients. Additionally, IRF strengthened its collaboration with international financial institutions, particularly focusing on green and digital transition initiatives.

Despite its active role in the economy, IRF has maintained workforce stability, with the number of employees remaining steady at 89, reflecting a commitment to efficient operations.

The achievements of the past three years provide a solid foundation for IRF’s ongoing transformation into the future Development Bank of Montenegro, a process spearheaded by the Ministry of Finance in collaboration with relevant ministries and the Central Bank.

Acknowledging the dedication and professionalism of all IRF employees, the institution expressed confidence in the incoming leadership, encouraging them to build upon past successes and further elevate IRF’s contribution to Montenegro’s economic development.

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