Montenegro: Credit line established to help media outlets

(Patria) - The Investment and Development Fund has established a new credit line, in line with the adopted measures of the Government of Montenegro, to help media outlets mitigate the consequences caused by the coronavirus epidemic, with a maximum loan amount of up to 600,000 euros.

The Investment and Development Fund announced that the credit funds are intended for maintaining the liquidity of electronic and print media registered in Montenegro and operating in accordance with Montenegrin media laws.

"This credit line will be used exclusively for the purpose of resolving liquidity problems as a direct consequence of the overall situation in which our country and the whole world find themselves," stated the IRF.

The maximum loan amount is up to 600,000 euros, with an interest rate of two percent, and a repayment period of up to eight years, including a grace period of up to two years.

"The loan funds can be used as working capital – for costs of materials, raw materials, and production services, payment of net salaries to employees for the period of protective measures lasting up to three months, and rental costs for the period of protective measures lasting up to three months," they added in the statement.