Kick-off Meeting for the Twinning Light Project “Strengthening Corporate Governance Provisions and Administrative Capacity of the Capital Market Authority of Montenegro”
The Twinning Light Project was officially launched on 15 January 2025 and will be implemented over a period of eight months, with a total budget of €150,000.00. 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 serves as the Beneficiary Institution, while the Republic of Croatia is the Member State partner. Throughout the implementation, expertise and support will be provided by the Croatian Financial Services Supervisory Agency (HANFA).
During the kick-off meeting, Andreja Hašček, the Member State Project Leader, delivered a presentation outlining the project’s objectives, scope, and expected outcomes.
“We are honoured that HANFA is leading this initiative, which will contribute to the modernisation of Montenegro’s corporate governance framework. Our experience in regulatory reform and market supervision will support our Montenegrin colleagues in developing a resilient and transparent capital market,” stated Hašček.
The meeting also highlighted the project’s critical role in advancing Montenegro’s capital market by addressing gaps in corporate governance practices and fostering a more transparent and efficient regulatory framework.
“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,” stated Yngve Engstroem, Head of Cooperation at the EU Delegation in Montenegro.
A key aspect of the project will be the development and implementation of a new corporate governance code, which is expected to serve as a cornerstone for improving market confidence, attracting investments, and enhancing the overall business environment in Montenegro.
“This project is a key step in strengthening Montenegro’s capital market. Through joint efforts, we will establish a governance framework that fosters investor confidence and accelerates our path towards European integration,” said Ilda Pepić, Beneficiary Institution Project Leader.
This initiative marks a concrete step towards Montenegro’s further integration into the European economic and financial landscape, creating new opportunities for market development.
“The recognition of this initiative by the European Union reaffirms its strategic importance for our EU accession. Our collaboration with HANFA will enhance regulatory oversight and foster a more competitive and transparent financial environment,” stated Željko Drinčić, President of the Capital Market Authority of Montenegro.
“For HANFA, taking the lead in this Twinning Light project is a major milestone. We deeply appreciate the trust placed in us and are committed to sharing our expertise in financial market supervision. Strengthening corporate governance is essential for regional stability, and we are pleased to contribute to this goal in collaboration with our Montenegrin partners,” said Ante Žigman, President of HANFA.
Additionally, the Embassy of the Republic of Croatia in Montenegro fully supports this Twinning Light Project, as it will significantly contribute to further development of bilateral relations between Croatia and Montenegro and help to create environment of mutual understanding and cooperation. At the same time, it will improve capacity of local administration in the field of monitoring the capital market and related institutions, with the final goal to enable Montenegro to reach the criteria posted in its accession process. Recognizing the importance of this endeavour, the Embassy extended its gratitude to all experts involved in its implementation and wished them success in their efforts to achieve the project’s objectives.
This project underscores the importance of regional cooperation and the EU’s commitment to supporting Montenegro’s financial sector reforms, paving the way for a more transparent, stable, and investor-friendly capital market.