By Joel Cela
The European Bank for Reconstruction and Development (EBRD) is launching its Youth in Business Programme in Montenegro. It will support young entrepreneurs with loans through partner financial institutions, as well as advisory services.
Montenegrin microfinance institution Alter Modus will receive a €3 million(US$3.10million) loan for on-lending to micro-, small and medium-sized enterprises (MSMEs) owned or managed by entrepreneurs under the age of 35.
The project aligns with Alter Modus’ mission to improve access to finance for excluded categories of the Montenegrin population and will be enhanced by the Youth in Business programme, which will help to alleviate inclusion gaps for MSMEs trying to gain access to finance.
The EBRD’s Western Balkans Youth in Business programme expects to provide a total of €100 million to local banks in the region’s six countries over the coming years. In addition to finance, the Bank will provide advisory services in the form of consultancy projects, e-learning and training, all with a view to fostering youth entrepreneurship and financial inclusion.
The governments of Sweden, through the Swedish International Development Cooperation Agency, and Italy, through the Central European Initiative, are supporting the programme with grant funding to help local financial institutions increase their capacity and develop new financial products for young entrepreneurs, as well as to assist eligible youth firms in strengthening their operations and bringing their businesses to the next level.
EBRD Head of Montenegro, Remon Zakaria said at the signing of the loan agreement in Podgorica: “We are excited to launch the Youth in Business programme in Montenegro with our long-standing partner, Alter Modus, which will have the opportunity to establish its own unique business model. Empowering youth entrepreneurship and creating opportunities for them will help Montenegro boost its economy and inspire the younger generations to contribute to their country. Through this programme, we aim to provide better access to finance and advice to help nurture this talent with a product tailored to their needs.”
Chief Executive Officer of Alter Modus, Ana Kentera said: “It is very important that youth in business are supported financially at the right time and in the proper way. Financial support is essential to the development of youth entrepreneurship, not only in a material way, but to encourage young people and let them know that there are institutions such as the EBRD and Alter Modus that believe in them and their potential. We are honoured that we are recognised by the EBRD as a strategic implementing partner for such a programme. The Youth in Business programme will help us to achieve our goals and implement our mission.”
Alter Modus, established in 1997, has been an EBRD client since 2004 and a leading microfinance institution in Montenegro, with a market share of 67 per cent by total assets.
With this loan, Montenegro becomes the fourth country in the Western Balkans to join the Youth in Business Programme, after Kosovo, Serbia and Bosnia and Herzegovina. Similar credit lines have already been successfully rolled out in Egypt and Morocco.
The EBRD has to date invested more than €708 million in Montenegro. Its primary areas of focus in the country are on enhancing the competitiveness of the private sector, deepening Montenegro’s Green Economy Transition and supporting further connectivity and regional integration.
The EBRD also provides advisory services to small businesses in Montenegro, with regular training sessions and events for a broad range of MSMEs, from venture capital to agribusiness.
Logistics, shipping and aviation conference ALMAC serves as a flagship for Hong Kong Maritime Week.
With a lengthy history as a global trading port, Hong Kong this week hosted the sixth edition of Hong Kong Maritime Week.
The week’s flagship event was the 12th Asian Logistics, Maritime and Aviation Conference (ALMAC), jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), which came to a close on Wednesday. This signature two-day event for the maritime, air freight, logistics and supply chain management sectors and shippers from diverse manufacturing industries drew more than 90 industry experts and leaders sharing insights at over 30 sessions. ALMAC this year attracted more than 14,000 online and physical participants from over 50 countries and regions.
Themed “The Future of the Sustainable Supply Chain: Connectivity, Collaboration, Innovation”, the hybrid-format conference attracted industry players from around the world, who expanded business connections and explored partnership opportunities both face-to-face and virtually. Satellite conference venues across Mainland China, the wider Asian region, Australia and Europe also hosted physical events. In addition to relaying the conference from Hong Kong, some satellite venues invited experts to address logistics issues and share experiences as well as join face-to-face exchanges and business matching activities.
Supply chain integration
President, North Asia District of UPS Parcel Delivery Service, Daryl Tay, said RCEP opens up huge opportunities in Asia
In the first Power Dialogue session, industry leaders discussed how Regional Comprehensive Economic Partnership (RCEP) economies create opportunities by integrating regional trade and supply chains and discussed strategic plans to capture opportunities. Daryl Tay, President, North Asia District of UPS Parcel Delivery Service, said RCEP opened huge opportunities in Asia. Regional collaboration was the key, so it was important to help SMEs understand the agreements and capitalise on RCEP opportunities.
Connectivity is a major component of cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) cities. The two maritime forums on day one brought together experts from maritime and technology sectors to examine Hong Kong’s unique role as an international maritime hub. Speakers discussed shipping sustainability, decarbonisation and digitalisation through practical collaborative action and uncovered potential opportunities and benefits switching to sustainable and digitalised shipping.
Deputy Secretary General of International Chamber of Shipping, Simon Bennett said moves towards sustainable supply chains through measures, such as greener fuels, played a key role in supply chain optimisation. Limited time meant it was important that economic measures be developed at a global level because, despite positive progress, investors needed a prompt signal, while fuel producers and shipowners should have incentives to invest in new fuel uptake.
Exhibitors showcase logistics solutions
Complementing the conference, an exhibition featured more than 50 stalls showcasing supply chain solutions and innovative logistics technologies to help SMEs enhance supply chain management. The HKTDC organised business matching meetings for participants and exhibitors to facilitate collaboration.
ALMAC is the flagship event of Hong Kong Maritime Week, organised by the Hong Kong Maritime and Port Board. The sixth Hong Kong Maritime Week runs from 20 to 26 November to showcase the vibrant Hong Kong maritime industry and promote Hong Kong as a preferred base for maritime business.https://hkmb.hktdc.com
