30 January 2019 - Foreign legal and natural persons have the right to establish a company in Montenegro under the same conditions as nationals. The most common forms of companies are limited liability company (LLC) and joint stock company (JSC).

All regulations regarding the establishment, operation and taxation system are compliant with European standards with benefits for foreign investors. The deadline for registration with the Commercial Court is a maximum of 4 days, while other duties (statistics – company registration number, entry into the tax records, opening a current account, registration in customs records) are completed within a maximum of 3 days.

The process of establishing a joint-stock company (JSC) is defined in the Law on Business Organizations (http://www.mipa.co.me/en/legislation/). When registering a joint-stock company, it is necessary to download and submit the following to the Central Registry of Business Entities (http://www.crps.me/):

1. Develop Articles of Incorporation of the company, download articles of incorporation for a joint-stock company;
2. Develop a founding act of the joint stock company and certify it at the court, or by a notary. Download an example on the incorporation agreement of the joint-stock company;
3. Develop a decision on the appointment of the Board of Directors, auditors, secretary and executive director;
4. Take out a decision of the Securities Commission (a minimum founding stake is 25,000.00 EUR);
5. Pay to the account of the Tax Administration 50.00 EUR, bank account: 832-3161-26;
6. Step 6. Pay to the account of the Official Gazette of MNE 12.00 EUR, bank account: 520-941100-57;
7. Fill in the registration form PS01;
8. Submit the collected and certified documents (Articles of Incorporation, certified decisions/agreements in 2 copies, certified copies of the ID or passport, application for registration in 2 copies, decision of the Securities Commission, founding act, payment slips) to the Central Registry of the Commercial Court, Marka Miljanova 54, 81000 Podgorica, Tel: +382 (0) 20 230 858, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., working hours 08:30 – 12:00; When submitting documents, a certificate will be issued including the number of the decision, to be presented upon the collecting the certificate of registration, seven days from the date of filing the application.

After obtaining the company registration certificate, it is necessary to do the following:

1. make a seal;
2. open a bank account;
3. register workers at the Tax Administration.

If the company wants to apply for registration as a payer of value added tax (VAT), the PR PDV-1 form will be filled in, and then submitted together with other documents required for registration. If the company wants to apply for entry into the register of excise duty payers, the AKC-P form will be filled in, and then submitted together with other documents required for registration.

The founding stake for the establishment of a JSC is at least 25,000.00 EUR and these funds are deposited by the founders with a commercial bank until the establishment of the company. After the establishment of the company, the funds are used for the company’s operations.

Source: Ministry of Foreign Affairs of Montenegro

29 January 2019 - The area of Ulcinj Salina should be declared a protected area by the end of February, said the executive director of the Montenegrin Centre for the Protection and Study of Birds, Jovana Janjušević, in an interview for TVCG, adding that the real and serious job has only started.

The European Integration Office has recently published the Common Position of the European Union for Chapter 27 - Environment and Climate Change, which represents the initial and most important document for planning the obligations that need to be fulfilled within this area in the upcoming period. This document states that without the adequate protection of the Ulcinj Salina area, Montenegro cannot count on the temporary closure of Chapter 27.

The Common Position of the European Union for Chapter 27  explains that “the EU invites Montenegro to demonstrate its capacity to manage the Natura 2000 network by ensuring effective management of existing national protected areas, by affording the Ulcinj Salina the appropriate protection status and effectively implementing the necessary conservation measures leading to the improvement of its conservation status and by designating marine protected areas and ensuring their effective management.”

Ulcinj Salina is located in the outermost southern part of Montenegro and covers approximately 14.5 km2 of salt basins. The Salina is separated from the sea by the Brijeg od mora village and Velika plaža beach, and from the Bojana River by channels and dykes against floods. It is an integral part of the Lake Skadar and Bojana River watershed system.

Janjušević told the Mina News Agency that this is by far the highest level of support for the EU civil sector in the matter of the protection of Ulcinj Salina. "Until now, no country that negotiated with EU has ever had the protection of a particular site set as a condition for closing negotiations, which speaks primarily about the importance of Ulcinj Salina in terms of nature protection, but also about the specifics that it carries as a complex problem for the whole of Europe," Janjušević said. "We have just met a formal legal protection requirement, but effective management and responsible steering remain as difficult challenges in the coming period," Janjušević concluded.

She pointed out that Salina is an artificial ecosystem based on and suited for the industrial activity of salt production, and that its production has been carried out in accordance with the rules of the International Union for the Conservation of Nature.

The first act on the protection of the Ulcinj Salina was adopted in 1984 when the decision of the Workers Council banned all hunting. Several years later, the Ulcinj Salina became the first Important Bird Area (IBA) in Montenegro and afterwards became an Emerald site under the Bern Convention.

In the final study on protection of the Ulcinj Salina, according to Janjušević, two options were proposed: if the Salina will continue the salt production – the site will be protected as a national park, and if there will be no salt production, the area will be protected as a nature reserve.

29 January 2019 - Amendments to the Law on Road Transport of Montenegro envisage the introduction of Limousine services (rent-a-car with a driver), which will be recognized as a special type of transport which did not exist within the country so far. This announcement was published after the meeting of the Working Group that will work on with amendments to that law, the Ministry of Transport and Maritime Affairs of Montenegro announced.

The concept of a limousine service involves the rental of limousines (limo) with the driver, and such service does not imply a pre-prepared route and departure time. The buyer of the services determines the time and place of departure, the period of use of the service, the destination and other conditions. The service provider offers a pre-determined price per hour, day or mileage.

The primary goal of the amendment to the Law on Transport in Road Traffic and its by-laws is to find new solutions that will have the strong effect on the reduction of the grey economy in the domain of public transport of passengers in road traffic. "Amendments to the laws which we are working on and announce today, will include precisely prescribed conditions for the provision of the Limousine service, as well as the conditions for the inspection bodies, which have not been defined so far", the CdM News Agency was informed by the Ministry of Transport and Maritime Affairs .

The representatives of the Ministry of Transport also explain that taxi services which are provided by individuals (entrepreneurs) or legal entities are conditioned by the employment of the driver, i.e. by the establishment of a working relationship between the driver who operates a taxi and a specific employer. However, in the case of Limousine service, this requirement was not included in the previous Law on Tourism, which initiated the so-called “undeclared work”. Renting a vehicle with a driver was possible only by finding retired pensioners, as well as employees in other workplaces who supplemented the family budget with the extra work.

"Thanks to the convenience afforded by the previous Law on Tourism, the provision of rent-a-car services which included renting vehicles and a driver (Limousine service) was expanding rapidly, creating unfair competition and damaging licensed taxi drivers and carriers, and domestic and international transport, which has already reflected in the reduction in the number of passengers transported in road traffic in the previous period, "it is noted in the Information by the Ministry.

The Ministry of Transport and Maritime Affairs has been given the deadline – first quarter of 2019 – to prepare the proposal of the Amendments to Law on Road Transport.

Source: CdM News Agency

30 January 2019 - The cruising season in Bar, Montenegro will be officially open on February 20 and will last until the second half of October. Judging by the estimated number of cruisers and tourists, cruising season 2019 will be record-breaking.

During the eight months of the cruising season in 2019, 27 cruisers will sail into the Port of Bar, which will, according to announcements, bring over 26.000 tourists to Montenegro.

For the first time ever, the first cruiser that will sail into the Port of Bar, La Belle de l'Adriatique of the French company Croisieurope, will arrive in the winter of February 20. The length of the ship is 111 metres; it can accommodate about 200 passengers and has about 50 crew members.

As the CEO of the Company, Barska plovidba Tihomir Mirković told the Jedro News Agency, during February, March and April, the cruise ships La Belle de l'Adriatique will sail on the Gat 5. "This year, the cooperation between the companies Barska Plovidba from Montenegro and Atlantagent from Dubrovnik, Croatia, continues by sub-contractors, but also on the work related to receiving shipments and boat deployment as well as logistical operations at the Port of Bar," Mirković added. La Belle de l'Adriatique will sail into the Port of Bar twice in February, and four arrivals of this passenger ship were announced during March. In April, La Belle de l'Adriatique will sail to Bar twice, as will the cruiser Artania of the German company Phoenix Reisen, which will sail on the gat of the company Port of Adria.

Coordinator of cruising activities for the Company Port of Adria, Tanja Novović, said that the companies that send their cruisers to Bar are satisfied, primarily because of safety and security in the port, harbour capacities, infrastructure and service. They also enjoy visiting Montenegro as a tourist destination, which offers the possibility of various excursion tours. "We are pleased to contribute and work on expanding opportunities for both tourists and the whole economy with the support of our majority owner, Global Ports Holding," Novović added.

Cruising tourism began to develop in Bar with the arrival of the Turkish company Global Ports Holding and with the efforts of the Allegra Agency from Bar. Last year, from the beginning of June to the second half of November, the enterprise Port of Adria accepted 16 cruisers with over 22.000 tourists coming to Bar.

Last year's cruising season was closed with the departure of the aforementioned passenger ship Artania. It sailed into Bar on November 18 and brought 1.054 tourists and 527 crew members. Agency activities for this passenger ship were done by Boka Adriatic from Kotor.

Although Bar has received fewer cruisers compared to Kotor, last year, on July 27, Bar marked down an important event in the city’s cruising history: there were two cruisers standing side-by side that sailed into the Port of Bar on the gats owned by Port of Adria.

Statistics show that cruising tourism development in Bar registers a steady increase. According to data from AD Port of Adria, in 2016, they accepted seven cruise ships and 8.660 passengers, in 2017, there were nine cruisers, through which about 11.550 passengers arrived in Bar and Montenegro. During 2018, 16 cruisers and around 22.000 tourists visited Bar. The guests had organized and individual excursions to visit Old city of Bar, Skadar Lake, Sveti Stefan, Budva, Kotor and Ulcinj.

Source: Jedro News Agency

29 January 2019 - A modern series of parking ticket payment machines will start functioning next week in the capital. Director of the Parking Service, Nusret Canović, said that the test period was being finished and that everything was ready for the work.

“We are expecting the delivery of stickers with the instructions of the use of parking ticket dispenser machines, that is, instructions for paying the parking lot,” says Canović.

He points out that the series of ticket payment machines are new and provide many options for the citizens. Unlike the machines used so far, these new ones will cover all zones, and they will be able to receive paper money, not only coins.

Parking ticket payment machines are located at the crossroad of Sloboda and Hercegovačka Street, at the corner of Bokeška and Njegoševa Street, at the Balšića Square. The machines near the Culture Information Center, Clinical Center and the machine in Balšića Street existed earlier.

Last year was a record year for Parking Service company.  Last year “smart parking” started functioning downtown and three parking lot areas were reconstructed entirely. This year, they are planning sensor networks on parking lots. These sensors are installed below the asphalt via which the information about the number of free parking places is being sent.

Canović says that the most important project is the introduction of “Parking Service Podgorica,” an application which will officially start functioning next week.

“That will be the very first official application for paying the parking. It has already been designed for Android, and now we’re waiting for it to be designed for iOS software. The application enables the users to pay the zone parking, and it shows them what zone they are in. In addition, thanks to the application “digital kiosk”, it will be possible that the citizens pay the parking lot using their payment cards,” said Canović.

“This year, we will also focus on the modernization of garage and parking with barriers. We’ll work on digitalization and enable citizens to get online insight into the number of free places on our parking spaces. They will also have navigation to free places,” explains Canović.

One of the ideas is making a flexible price list.

“We’ll examine every location individually and make logical prices for every part of the town. Locations that are not located in the center of the town will have lower parking prices. It will be a price list adapted to the real needs and demands of citizens,” points out Canović.

Source: Cafe del Montenegro

The 50^th Mimosa Festival Caravan announces the jubilee edition of one of the oldest and most famous tourist-propaganda events in Herceg Novi and Montenegro, which will last from February 1^st until March 23^rd.

The caravan today introduces the mimosa into two Slovenian fraternized towns - Novo Mesto and Kranj, and tomorrow in Ljubljana, where they will perform at the Tourism Fair and in the city center, the organizers said.

City music orchestra, majorettes, clowns and trombone players performed at the main town square in Novo Mesto, with the support of Mestne godbe Novo Mesto, with whom Herceg Novi City music has excellent cooperation. Music, dance and mimosas invited citizens of Novo Mesto and Slovenia to visit Herceg Novi during the 50 days of the 50th Mimoza Festival, during which Slovenia's Days will be held in Herceg Novi on March 20^th.

The parade was preceded by a reception at the Mayor of Novo Mesto Gregor Macedonia, for the delegation from the Herceg Novi Municipality headed by President Stevan Katić. During the reception, the Mayor was given with a plaque of the 50^th Mimosa Festival, as a sign of gratitude for the support of the Caravan. Representatives of the two cities have stressed that they are looking forward to the continuation and nurturing of the several decades of fraternized contacts between Herceg Novi and Novo Mesto, as well as new opportunities for cross-border cooperation. The Mayo announced that the Novo Mesto delegation would visit Herceg Novi in March. He thanked them for the opportunity to host the caravan in Novo Mesto saying that Herceg Novi and Mimosa are "always good news".

Text by Slavica Kosic, on January 29th 2019, read more at Vijesti

The Greek Development Fund (HRADF) Board of Directors has authorized eligible bidders to purchase a 50.1 percent stake in oil companies Helenik Petroleum, Glenkor and Vitol to form a consortium with other companies in the privatization process of the Greek company, as “Vijesti” finds out from sources close to the Greek company. Helenik is the majority owner of the Montenegrin oil company Jugopetrol, which, for decades, has continued to dominate the domestic oil refinery market with the cheapest gas supply chain.

In the second phase of the sale of Greek Helenik shares, a consortium was established between the British company Glenkor Energy UK ltd and CIEP Participations S.a. R. L. SICAR - a member of the American Carlyle group, a public investment fund.

Glenkor has long been known to the Montenegrin public for purchasing contracts of aluminum from KAP, which were resumed even after the privatization of the aluminum company from Podgorica, until the bankruptcy was introduced in July 2013. Glenkor is a multinational company that, besides metals, also trades in derivatives, cereals and other stock goods exchange.

To the Dutch Vitol (Vitol Holding BV) is allowed to form a consortium with the company from Algeria Societe Nationale.

Carlyle Group was officially established in 1987 and manages the capital of approximately $212 billion. In the media, it is often referred to as the "striking hand" of the former Republican leaders, from former CIA Frank Carlucci to former US President George Bush.

CIEP was formed in 2013 and looks for opportunities to invest in oil and gas outside North America, especially in Europe, Africa, Latin America and Asia. It is registered in Luxembourg. Societe Nationale is a state-owned Algerian company formed for the exploitation of hydrocarbons. The Algerian Government launched a major investigation into this company in June, due to suspected corruption. To acquire 50.1 percent majority of the shares in Helenik, which owns Jugopetrol, five companies were interested, but only Glenkor and Vitol passed to the second round. The shares are sold jointly by the Greek state, 20 percent, i.e. by the state HRADF and the pan- European oil and industrial holding, 30.1 percent. They signed a Memorandum of Understanding in April last year and offered a total share of at least 50.1 percent in the largest oil refinery in Greece.

Text by Milorad Milosevic, on January 29th 2019, read more at Vijesti

US Ambassador in Montenegro, Judy Rising Reinke and President of the American Chamber of Commerce in Montenegro, Katarina Bulatovic, delivered certificates to the eighth generation of the American Chamber of Commerce's Training Program, at a ceremony held at Hotel Podgorica.

"The eighth generation has 18 members. Since 2011, when the AmCham program began to be implemented, approximately 200 students successfully completed the practice in Comorian companies, and a number of students continued their career in mentoring companies, which added value to the Program and is a tremendous stimulus for future potential candidates," the US Chamber of Commerce stated.

AmCham Chairman, Katarina Bulatović, expressed gratitude to the members of the Chamber of Commerce for supporting the implementation of the Program. She said that education is the key to all changes in society, especially in the time of the digital revolution we all live in. Capacity development has never been such a dynamic process as it is today, which is why all of us, not just our interns, should constantly work on acquiring new skills and experiences, as stressed by the president. 

"The internship program is a precious opportunity for interns to get acquainted with the changing labor market requirements, demanding methods of constant work and new knowledge that they need to adopt, and this is a way of getting valuable contacts and practices that will be a good starting point for further developmental and a professional path," said Bulatovic.

The US Ambassador in Montenegro also spoke to the audience, who said that the community should help future business leaders in exploiting the opportunities and realize their full potential.

"AmCham's internship program does that. Thanks to all the sponsors that gathered here, we support new economic opportunities that strengthen the connections between the US and Montenegro," the ambassador said.

"AmCham Montenegro also provided a place for internships and enabled the acquisition of valuable practices, as well as getting acquainted with the work and values of the Chamber," they said.

The program was attended by Anđela Miličković, Anja Petrović, Desanka Kotlaja, Dražen Jovanović, Eva Medigović, Jelena Milikić, Maja Rolevski, Marija Milikić, Milica Bulatović, Milica Miletić, Milena Komnenović, Nina Stanić, Savica Vujičić, Vanja Pejović, Ivana Đurašković, Lejla Ćorović, Nađa Kljajević and Anđela Lučic.

Text by Vijesti online, on January 29th 2019, read more at Vijesti

January 30, 2019 - Dobrota is a small town on the shore of Kotor Bay, just next to the Old town of Kotor stretching for several kilometres along the picturesque coastline to the village of Ljuta. Once the famous naval settlement, Dobrota was one of the most beautiful areas of Boka Bay. Unfortunately, its unique cultural landscape was recently almost destroyed by inadequate and massive urbanisation.  Ancient palaces of Dobrota’s captains are more and more challenging to discover between concrete buildings, growing from the sea to the slopes of mountains hanging the settlement from the north-east. But still, there are a lot of reasons to visit Dobrota and discover its ancient buildings, beautiful churches and hospitable people. Let us propose some of those.

Dobrota in 19.century

 

The settlement of Dobrota was first mentioned in the 13th century as Dabratum. In the 14th century, it became a part of Kotor, being its suburb from 1371 to 1704. The greatest prosperity Dobrota reached from the 17th and 19th centuries is one of the most important maritime centres along the Mediterranean coast. There was a large pier, many ships, and almost everyone in the village dealt with naval work. Under the Venetian rule, in 1717 Dobrota gained the status of a seaside settlement thank to skilful seamen, ensuring the economic development of this area. Wealthy captains of local vessels built beautiful baroque palaces here, furnishing them with valuable furniture and decorations brought from all parts of the world. The beauty of those palaces contributed the beautiful terraced gardens in the backyard areas, full of local plants and exotic fruit and flowers brought from distant, overseas countries. Terraced landscapes over Bokelian shore settlements, their beauty and harmony were some of the primary reasons for the area of Kotor to become one of the UNESCO sites - precious heritage of humanity.  Unfortunately, those terraces are mostly gone forever, giving the space for large concrete constructions built in the name of progress and tourist development.

Palace Ivanovic, Copyright: waytomonte.com

 

These palaces stand today as a memory on times of fame and greatest prosperity of Dobrota and its famous captains, who became rich dealing with maritime trade.  The Palace of the family Ivanovic is one of the most notable buildings along Kotor’s coast, built in the second half of the 18th century.  The Ivanovic family was one of the richest of Dobrota - by the beginning of the XIX century they had 11 houses in the settlement. Thriven on sailing, in the 18th century there were 28 ships in their property, trading with Italian and Albanian ports. During the war between Venice and Turkey in 1714-1718, the Ivanovic family allocated part of their fleet for the liberation of Ulcinj from the Turks, for which they received praise from the Venetian governor Alvise Mocenigo. The most famous members of this family were Marko and Jozo Ivanovic, who defeated the Turks in the battle near the Greek port of Piraeus in 1756. Their courage and skill shown in this battle brought them the status of knights of the Order of St. Mark of Venice.  Palata Ivanovic still witnesses the power of its builders with its exquisite stone architecture. The entrance to the property characterises a stone gate, with the coat of arms of the Ivanovic family highlighted.

Palace Milosevic, Dobrota Copyright: waytomonte.com

 

The palace of the Milosevic family is also known as “Veliki Palac” due to the most significant dimensions among other buildings in the settlement. The sea captains, brothers Milosevic built it in 1828. The building is a four-story palace with a wide belvedere and late baroque features, surrounded by a stone wall of a fence, behind which there is a private terrace. It is the only palace in Dobrota with two different facades, the main one with a view of the sea, the rear one with a mountain view. And in the south-eastern part of the palace, there is an unusual corner tower with a cannon embrasure built in the style of a ship one. It was one of the six buildings owned by this family on the Dobrota’s coast. Family Milosevic was 12th in Dobrota for their wealth, the number of ships, seamen and captains, holding nine vessels in the 19 century.

Palace Tripkovic, Copyright: Tourist Organisation Kotor

 

The majestic appearance and the greatest fame among all the "captain palaces" built in the area of Dobrota is the mansion of the Tripkovic family. They played an essential role in the life of Kotor, especially in trade, navigation, construction and culture. This family owned 18 vessels, and 63 of its members had the rank of the ship captain. One of them, Andrija Tripkovic, was the head of the local commune and was a member of the Kotor administration. He built the palace a bit away from shore at the end of the 18th century, with a sea dock on the coast in front of the palace. The palace itself, made of Korcula stone, has three floors and a belvedere with a baroque pediment crowned with a small turret. As most of the castles in Dobrota, Tripkovic’s house also has a defending fence made of stone, marked by the family arm of a coat. 

Palace Radonicic- Institute for Marine Biology Kotor, Copyright: Boka News

 

We have already mentioned the house of the family Radonicic. This beautiful palace, today the building of the Institute of Marine Biology, was built in the 19th century. Palata Radonicic stands on the Plagenti peninsula, where, beside the palace, there is the Romanesque church of Sv. Elijah, one of the oldest monuments of architecture of Montenegro built in the 11th century and preserved till our days. The family Radonicic bought the entire Plagenti peninsula from the municipality in 1808, during the French rule. In 1847, Petar II Petrović Njegos lived with his friend, Captain Krsto Jozo Radonicic. The palace has an original Baroque conception of the ground floor, the two floors and the last floor in the form of a belvedere. In 1937 the castle bought the "Jadranska Straza" for its needs. At the time of adaptation, 16 newly-built pillars at the ground floor level completely changed the appearance of the typical Bokelian palace. After the Second World War, the building served as the Central Maritime School in Kotor, and today, as mentioned, there is the Institute of Marine Biology. The palace was renovated in 2012, and at the moment there are works in progress to transform its ground floor into the first and only aquarium in Montenegro to be open in summer 2020.  

Maritime Library in Dobrota, Copyright: the University of Montenegro, Faculty for Maritime Studies

 

Impressive for its architecture and historically significant building of Dobrota is also the palace of the Maritime Library, an integral part of Maritime Faculty Kotor. Thanks to a ship-owner from Monaco, Captain Bozo Dabinovic, the library was moved to this palace in the late eighties. Benefactor, captain Dabinović, coming from noble maritime family Dabinovic from Dobrota, provided funds for the adaptation of this building exclusively for the needs of Maritime library and dedicated this donation to the memory of his father, Professor Antun Stijepov Dabinovic.

Church of St.Matthew, Dobrota, Copyright: Tourist Organisation Kotor

 

Dobrota hides several ancient churches. Parish church of St. Matthew marks in a prominent place along the coastline, separated from the coast by supporting stone ramparts. The Baroque church dates back to the 17th century and among the valuable relics of the church is the famous icon of Giovanni Bellini "Madonna and Child". Further towards the settlement of Ljuta, in the part of Dobrota called Sveti Stasije, stands one of the highest bell towers in Boka Bay, of the church of St. Eustace, built in 1773. The church keeps a precious and exciting collection of 52 canvases from the 17-18th century and a unique ancient mosaic that adorns the altar. 

Dobrota shore, Copyright: travel-to.net

 

Today Dobrota is a popular tourist destination. When you are by the sea, you are looking at the sea. And somehow could take your head away of the giant newly built houses transforming this beautiful part of Boka Bay into the playground of construction mafia. The state of Montenegro and the previous local government allowed the destruction of Kotor’s landscape, so the area is in danger of being excluded from the list of natural and cultural heritage of the world. Unfortunately, Dobrota has a potential for development of new tourist offer.

29 January 2019 - At the latest session, the Government of Montenegro passed the Information on the conclusion of the Agreement on the transfer of credit and grant funds for the needs of implementing the project "Wastewater Collection and Treatment in Podgorica,"  financed from a loan arrangement signed on 22 September 2017 by the German Development Bank (KfW) and the Government of Montenegro, in the amount of 35 million EUR.

On that occasion, the Government gave its approval to the Capital City of Podgorica for loan funds provided by the arrangement with KfW Bank, and accepted the Agreement on the transfer of credit and grant funds for the needs of the project "Collection and treatment of wastewater in Podgorica." It is envisaged that the Capital City will transfer funds of a loan arrangement of 35 million EUR, of which the amount of 26 million EUR will be transferred without obligation to return, while the remaining amount of 8.05 million EUR the Capital City will be obliged to return to the State.