Montenegro secures 13 million euro loan for maritime and fire safety equipment

The Montenegrin Ministry of Finance has finalized a 13 million euro credit arrangement with Erste Bank to fund the purchase of a tugboat and a firefighting aircraft. The arrangement consists of two separate loan agreements: 8 million euros for a multifunctional tugboat intended for the Bay of Kotor to improve maritime safety and vessel assistance, and 5 million euros for a firefighting aircraft for the Ministry of Internal Affairs.

The loans feature a 48 month principal repayment period, with payments made in semi-annual installments. The credit availability period is set for 12 months, and the used portion of the funds will carry a fixed annual interest rate of 4 percent. A one-time processing fee of 0.1 percent of the total credit amount will be applied upon the first withdrawal.