30.03.2009. Bank reserve amounts to €208.1 million
Podgorica, (MINA-BUSINESS) – At the end of February, the mandatory reserve of the Montenegrin commercial banks amounted to €208.1 million, down 1.9 percent on the previous month, the Central Bank of Montenegro (CBCG) has announced.
Out of the total reserve, 41 percent is kept on the CBCG accounts abroad, while the rest is on its national account.
The average balance of deposits, the mandatory reserve is calculated for, was around €1.49 billion in February.
The time deposits of the public sector and demand deposits account for 11.2 percent of the total deposits. Demand deposits of other sectors account for 36.3 percent of the total deposits, while the time deposits due in less than 180 days account for 23 percent, and those between 180 days and two years account for 29.5 percent.
The average balance of deposits that do not require mandatory reserve was €332.3 million in the same period. Out of that amount, 99.7 percent accounts for the time deposits due in over two years, while 0.3 percent accounts for the demand deposits that do not require mandatory reserve.
27.03.2009. Tender documents for the Long Beach adopted
Podgorica, (MINA-BUSINESS) – The Government of Montenegro has adopted today tender documents for implementation of the Long Beach tourism valorisation project.
Minister of Economic Development Branimir Gvozdenovic said the tender invitation, which would be published on Saturday, was aimed at collecting bids for the development of a high-end complex with long-term sustainability, including hotel, rest and recreation facilities, residential units, as well as the education, healthcare and cultural centres.
“We expect from the bidders to offer development of a complex that will be functional all year round, providing numerous benefits for the local community,” Gvozdenovic said after the cabinet meeting.
According to the tender documents, an area of 903 hectares of state-owned property will be offered for a long-term lease of 90 years, while the location also includes 316 hectares of privately owned land.
“The private land is not offered to lease, and its valorisation will depend on the arrangement between the owners and the investor,” Gvozdenovic explained.
27.03.2009. Tender documents for Ada Bojana lease adopted
Podgorica, (MINA-BUSINESS) – The Government of Montenegro adopted today tender documents for the a long-term lease of the Ada Bojana island for a 90-year period, foreseeing a minimum investment of €200 million.
Minister of Tourism and Environmental Protection Predrag Nenezic said the bidding would be open until 1 September, which would be followed by a procedure of selection of prospective investor by the Government.
According to him, development of mainly hotel facilities with the capacity of no more than 2,500 beds is planned for Ada Bojana.
“There will be no housing units, apart from a possible small number of residential buildings,” Nenezic said after the cabinet meeting.
He said that the Government had defined very strict criteria for the selection of investors.
“Prospective bidders must have a turnover of no less than €400 million over the last several years, and at least one billion worth of previously realised investments,” Nenezic said.
26.03.2009. Integration pace depends also on economic factors
Podgorica, (MINA-BUSINESS) – The accession of Montenegro to European Union (EU) is a road conditioned by political factors, but the pace of this process depends also on economic factors, the TRIM MNE project expert, Milos Vukcevic estimates.
„Faster economic development of the candidate states improves, as a rule, their chances for full membership in the EU” Vukcevic said at the seminar on internal market and free flow of commodities, finalizing today in Podgorica.
Vukcevic reminded that the regulations on the free flow of goods between EU and Montenegro came in force on January 1 last year, as part of the Interim Trade Agreement.
He estimated that Montenegro needed to comply with the legal regulations of the EU internal market, if it intended to become a full member of the EU.
TRIM MNE is the EU project managed by the European Commission Delegation to Montenegro, and implemented by the German Technical Cooperation (GTZ), in cooperation with the Montenegrin Ministry for Economic Development.
24.03.2009. Sale contract signed
Podgorica, (MINA-BUSINESS) – The representatives of the Government of Montenegro, state funds and the Swiss company Home Art and Sales Services signed today a €20 million contract for acquisition of a controlling interest of 56.4 percent of the Igalo-based Institute „Simo Milosevic“.
Home Art, owned by Serbian businessman Filip Zepter, was represented by lawyer Zoran Stanojevic.
The Agreement foresees that the amount of €20 million would be paid in the next 15 working days.
The Swiss company has undertaken the obligation to invest €150 million in the next four years. The investments are planned in three 12-month cycles, with construction breaks during the tourist seasons.
The Employment Bureau and the development and healthcare funds hold over 37 percent of stake in the Institute, whereas the Government has about 19.2 percent. The Republic of Serbia has the largest single interest - 25.94 percent, while ICN Pharmaceuticals holds 1.29% of the share capital.
Director of the Agency for Economic Restructuring and Foreign Investments, Branko Vujovic, stated that the investment programme would lead to the extension of capacities and result in attaining a four star quality level.
Vujovic repeated that it was very important that Institute kept the same basic activity, and that there would be no layoffs in the first three year period.