Directorate for Development of Small and Medium Enterprises organized on 11th April 2011 the promotion of the Competitiveness and Innovation Framework Programme – CIP, and within it, the financial instruments.

Competitiveness and Innovation Framework Programme – CIP was established by the European Parliament and Council 2006. CIP combines several existing EU activities to support business and innovation. The program covers the period 2007- 2013.

Montenegro signed a bilateral agreement (MoU) in late 2008. with the European Commission for participation in the CIP-EIP program, which allows us to use its programs, for which we pay an annual participation of the General Budget of the European Union.

One of three specific programs is a program for Entrepreneurship and Innovation (EIP) which, among other things, focuses on access to finance for small and medium enterprises through the “CIP financial instruments”. The European Commission implements the CIP financial instruments through the European Investment Fund – EIF, covering the different needs of small and medium size enterprises depending on the level of development. This support is implemented through national financial intermediaries.

CIP financial instruments were presented by Mr. Gunnar B. Mai, CIP coordinator from the EIF, while Mr. Darko Lorencin, director of the Istrian Development Agency from Pula, and his adviser Mr. Emil Rojnic, shared their experiences, who have recently gained the status as a financial intermediary for Croatia.

Representatives of almost all financial institutions from Montenegro have participated the presentation.