Project Description
The proposed project is a jeopardy case and involves the recovery of IFC’s arrears in Montenegro, the Republic of Serbia and Montenegro. These loans were made by IFC to enterprises and a bank in Montenegro during the 1980’s. The loans stopped being serviced after the break-up of Yugoslavia in the early 1990’s. As part of a settlement of these arrears, IFC would subject to satisfactory due diligence:
- acquire a stake of at least 10% in Podgoricka Banka a.d., Podgorica (PB or the bank); and
- extend a loan of up to EUR 5 million to PB.