WE Finance Code Workshop for Financial Institutions
29/11/2024
With the partnership support of the European Bank for Reconstruction and Development (EBRD) and the Frankfurt School of Finance & Management, the CBCG organised the first workshop for representatives of Montenegrin financial institutions as part of the WE Finance Code Montenegro initiative today.
The Women Entrepreneurs (WE) Finance Code initiative in Montenegro was launched to empower women economically and improve the availability of financing sources for women-owned or managed businesses. It is an initiative through which financial service providers, regulators, development banks, and other financial ecosystem actors collaborate to support financing MSMEs owned or managed by women more substantially. Accordingly, today’s workshop was dedicated to introducing financial institutions to the project, discussing the challenges in monitoring indicators and using data to analyse and expand financial products intended for women in business.
Opening the workshop, the CBCG Governor, Ms Irena Radović, expressed her satisfaction with the financial institutions’ great interest and willingness to participate in this project, mainly because the WE Finance Code will provide measurable data on the approach and support of financial institutions to businesses women-owned or managed women.
“Together, we will create and promote a stimulating environment for recognising women’s potential and removing existing barriers.” In this way, we will not only achieve a more outstanding gender balance but also significantly contribute to our country’s economic growth,” said Governor Radović.
The Head of the EBRD Office in Montenegro, Mr Remon Zakaria, thanked the Central Bank of Montenegro for its exceptional engagement and commitment to economic inclusion and promoting gender equality in the financial sector.
“The EBRD is pleased to cooperate with the CBCG in piloting the WE Finance Code project in the region. We are truly convinced that this initiative will enable financial institutions in Montenegro to create effective mechanisms for the benefit of women entrepreneurs through access to knowledge and a network of experts for the development of women’s businesses, access to standardised databases disaggregated by gender, but also through acquiring skills necessary for understanding how women’s businesses work, so that they are adequately supported financially and with advices”, said Zakaria.
WE Finance Code is a global project launched in October 2023 to strengthen the economic potential of women, and Montenegro became one of the 14 pilot countries involved in this project with the earlier signing of the Memorandum of Understanding between the Central Bank of Montenegro and the EBRD in London.