Podgorica, (MINA-BUSINESS) – Delegations of the Montenegrin and Polish development banks have signed a Memorandum of Understanding aimed at strengthening international cooperation and supporting the development of Montenegro’s economy.

The memorandum was signed in Warsaw by Nikola Tripkovic, Chairman of the Board of Directors of the Development Bank of Montenegro, and Miroslaw Czekaj, Chairman of the Board of Bank Gospodarstwa Krajowego, one of the five leading state development banks in Europe.

“Cooperation with Bank Gospodarstwa Krajowego, one of Europe’s leading development institutions, is an exceptional opportunity to enhance our capacities through knowledge exchange, the development of modern financial instruments, and the implementation of joint projects,” Tripkovic said at the meeting in Warsaw.

He explained that partnerships with European financial institutions contribute to alignment with EU best practices and strengthening institutional capacities in Montenegro.

Czekaj stated that Poland’s development bank, Bank Gospodarstwa Krajowego (BGK), has recognized the Development Bank of Montenegro as a partner.

“Although the missions and strategic goals of both institutions are similar, BGK has significantly more experience in their practical implementation. BGK’s history spans more than 100 years. Montenegro is currently the most serious candidate for membership in the European Union, and I firmly believe that cooperation between our banks will help facilitate its accession and integration into EU structures. The economies of both countries will benefit from this cooperation,” Czekaj said.

According to the signed Memorandum of Understanding, cooperation between the two development finance institutions will focus on providing expertise, knowledge, and training for employees of the Development Bank of Montenegro, exchanging best practices in financial instruments and development bank policies, conducting joint research on financial solutions supporting, among other things, small and medium-sized enterprises, infrastructure, and advanced technologies, financing innovation and sustainable development initiatives, and exploring opportunities for implementing joint financial projects.

The agreement also initiates a series of workshops involving members of the boards of both banks and experts in risk management, IT project financing, and legal regulations.