Montenegro’s Credit Guarantee Fund (KGF) has selected Vanja Mitrović as its executive director for a five-year term, the Ministry of Economic Development (MER) said. The fund plans to begin operations in early 2027, providing guarantees intended to improve access to credit for businesses that face financing constraints.
Mitrović has more than 18 years of experience in the banking sector, including specialist and management roles focused on risk management, improving business processes and establishing and implementing environmental, social and governance standards. MER said her “impressive professional experience” would support the fund’s development and help it begin operations quickly and effectively.
As executive director, Mitrović will lead the fund’s strategy and operations and oversee its institutional management. Her responsibilities will include developing guarantee schemes, managing finances and risks, and supervising investments and regulatory compliance.
The role also requires her to implement strategies and policies approved by the KGF Board, establish management systems and internal controls, and provide transparent and timely reporting. The director is also expected to build working relationships with lenders, stakeholders, donors and international organisations.
The appointment follows the creation of the fund’s governing structure. The government appointed the KGF Board in early February, and it held its constituent meeting late that month. The board issued the public competition for an executive director in mid-April. Under the KGF Law, adopted last summer, a director was to be appointed within three months.
Guarantees and operational preparations
The fund is being established to issue guarantees for business loans where borrowers have difficulty obtaining finance. It will cover up to 50% of loan amounts for eligible users, with the guarantees intended to strengthen borrowers’ creditworthiness and ease their access to funding.
KGF’s guarantee capacity will be channelled through limits assigned to financial institutions that sign agreements with the fund. The size of each limit will depend on the institution’s loan portfolio size and structure, with the aim of distributing support to the economy in a balanced and effective way.
The fund will identify business groups and sectors where access to finance is limited. Banks will retain full autonomy over credit-risk assessments and lending decisions: KGF will not decide on individual loans or direct financial institutions’ business policies.
Instead, guarantees are intended to encourage participating institutions to expand lending while providing additional support to the economy alongside other support programmes. KGF is working to formalise cooperation with commercial banks and other financial institutions, as well as to develop an information system for issuing and managing guarantees.
The board has adopted the fund’s statute and related documents, completing the institutional and organisational prerequisites for its work to begin. Investment policy, a business plan and procedures governing operations, available funds and risk management are still being prepared.
The fund’s initial capital is set at 10.6 million euros, including 600,000 euros for start-up costs and operating expenses. Its activities are being designed to support micro, small and medium-sized enterprises, start-ups, and businesses owned by women and young people that have difficulty accessing finance.
Board and launch schedule
The KGF Board includes Anđela Gajević, representing the Ministry of Economic Development, and Adrijana Stevanović, representing the Ministry of Finance, each appointed for four years. Vjosa Balaj was appointed as an independent member for commercial law, while Katarina Đulić was appointed for accounting and auditing. Zoran Martinovski, an independent member covering banking and finance, was named board president.
MER said the board members’ expertise could support the fund’s operating model, risk management and cooperation with financial institutions during its initial development. The ministry also said their involvement could strengthen institutional credibility and confidence among domestic stakeholders and international partners, and help attract donor capital.
The fund plans to complete the remaining organisational and regulatory preparations by the end of this year, with operations scheduled to start in early 2027. MER described the intended role of KGF as a “significant and efficient mechanism” for access to finance and for strengthening the competitiveness of Montenegro’s economy.
