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| Selected GMS Press Releases Selected GMS Press Releases |
IFC Investment in Montenegro to Help Improve
Retail Quality and Business Infrastructure
In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
E-mail: CPowell@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: SBrkic@ifc.org
Podgorica, Montenegro, July 17,
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.
About IFC
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC's vision is that people should have
the opportunity to escape poverty and improve their lives. In FY07, IFC
committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
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