WORLD BANK

Cooperation with the World Bank is reflected by implementation of ”MIDAS” Project implemented jointly by the Investment and Development Fund of Montenegro and the Ministry of Agriculture and Rural Development since 2011.

This Project for supporting implementation of projects in the area of agricultural production, so called MIDAS Project, encompasses granting loans by IDF for financing implementation of projects in the area of agricultural production under favorable financial terms, as well as World Bank grants up to 50-60% of the value of investment.

Since the World Bank support is realized through grants, all procurement procedures and investment eligibility criteria are aligned with those of the World Bank.

Bearing in mind the importance of this Project for Montenegrin economy as a whole, IDF has under its credit support implemented model of direct crediting of projects of micro, small and medium enterprises, as well as entrepreneurs and registered agricultural producers, under MIDAS Grants project.

Based on this credit support model, eligible applicants are investors that had previously signed grant agreements with the Ministry of Agriculture and Rural Development, where the additional funds required for implementation of the total investment can be obtained through IDF financial support.

In the period ahead IDF will invest efforts in continuing cooperation with the World Bank through various activities and participation in similar projects.