IFC Investment in Montenegro to Help Improve Retail Quality and Business Infrastructure
Podgorica, Montenegro, July 2008—IFC, a member of the World Bank Group, has signed an agreement with Gintasmont Investment Construction and Trade A.D. of Montenegro to help build a multifunctional retail and office complex in the capital city of Podgorica. IFC’s €10 million financing package will support a public-private partnership project that will enable the company to introduce quality retail infrastructure and improve retail operations in Podgorica.
IFC will also play a critical role by helping Gintasmont’s parent company, Gintas Insaat Taahhut Ticaret A.S., a Turkish contractor and real estate developer with a proven track record, to expand its operations strategically in the Balkans.
Necip Naci Dogru, Gintas’ Chairman of the Board of Directors, said, “IFC’s financial support and regional expertise have played an important role in Gintas’ decision-making process regarding investment in Montenegro. We hope to continue our collaboration with IFC on other projects in the Balkan region in the future.”
“IFC invested in Montenegro while it was still a part of Yugoslavia. This is our first investment in independent Montenegro, and we hope to encourage other foreign investors to look at opportunities offered by the country’s dynamic economy,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia. “The project will help introduce new retail standards and enhance local business and retail infrastructure in Montenegro.”
IFC’s strategy for Montenegro aims to improve the business environment and to support investment in privatized state-owned companies, tourism, infrastructure, and the financial sector.
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