The kick-off meeting for the Twinning Light Project “Strengthening Corporate Governance Provisions and administrative capacity of the Capital Market Authority of Montenegro” (ME 21 IPA FI 01 24 TWL) was held on 27 January 2025 at the premises of the Capital Market Authority of Montenegro in Podgorica. Officially launched on 15 January 2025, this project will be implemented over a period of 8 months, with a total budget of 150,000.00 EUR.
The project’s primary objective is to contribute to the competitiveness of the Montenegrin economy and the improvement of the business environment by introducing and implementing best practices in corporate governance standards in Montenegro.
The Capital Market Authority of Montenegro (CMA) is the Beneficiary Institution of this project, while the Republic of Croatia is the Member State (MS) Partner. The Croatian Financial Services Supervisory Agency (HANFA) will provide professional expertise and support throughout the implementation, while the Croatian Central Finance and Contracting Agency (CFCA) will perform administrative and financial management during the project implementation.
The meeting was attended by representatives of the European Union Delegation to Montenegro and key project partners. At the start, the importance of the project and its objectives were highlighted, followed by a presentation by the MS Project Leader, Ms. Andreja Hašček. She provided a detailed overview of the project’s main objectives, emphasizing its significance for improving corporate governance in Montenegro, and outlined the plan and strategy for its successful implementation. This was followed by a constructive discussion on the challenges Montenegro faces in aligning its capital market with EU standards. The importance of the project in promoting transparency, developing a new corporate governance code, and creating a more effective regulatory framework was also stressed, as these efforts will help increase investor confidence and attract new investments.
Mr. Yngve Engstroem, Head of Cooperation of the EUD in Montenegro, further emphasized the significance of this initiative, stating: “This project represents a significant step in aligning Montenegro’s corporate governance with EU standards, fostering a competitive, transparent, and resilient economic environment. The strong partnership between HANFA and Montenegrin authorities highlights the power of regional cooperation in driving meaningful reforms, supporting Montenegro’s journey towards EU integration.”
Other speakers, including Ms. Ilda Pepić, BC Project Leader, and Mr. Željko Drinčić, President of the CMA, highlighted the project’s transformative potential for modernizing Montenegro’s corporate governance framework and advancing its capital market. They highlighted the collaborative efforts between Croatian and Montenegrin institutions as essential to fostering investor confidence, enhancing regulatory oversight, and accelerating Montenegro’s European integration. The Embassy of the Republic of Croatia also expressed strong support for the project, noting its role in strengthening bilateral relations and building local administrative capacities to meet EU accession criteria.
This Twinning Light Project reflects the shared commitment of the BC and MS institutions, supported by the EU, to strengthen Montenegro’s financial sector and contribute to its integration into broader European markets. It marks a significant step in building confidence in Montenegro’s capital market, fostering transparency, and creating a business environment that will attract both domestic and international investors.
