Montenegro-based private healthcare provider Codra Hospital has received a €3m loan from the European Bank for Reconstruction and Development (EBRD) to support the hospital’s expansion.

As part of the programme, Codra will be able to provide intensive care and complex surgery treatments to patients, including the introduction of new angiography services.

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The expansion will see a new building connecting the two existing compounds, which will increase the hospital’s capacity, as well as provide in and out-patient services.

"Codra is an excellent example for what a professional commercial operator with strong commitment to its service mandate can offer in the healthcare sector."

Founded as a polyclinic in 2001, Codra is currently the largest private hospital in Montenegro and offers diagnostics, outpatient and inpatient services, including surgery, cardiology, gynaecology and orthopaedics.

EBRD Podgorica Office head Giulio Moreno said: "We welcome Codra’s plans for expansion and are happy to provide finance to the successful further development of the healthcare provider.

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"Codra is an excellent example for what a professional commercial operator with strong commitment to its service mandate can offer in the healthcare sector. This way it serves as an encouragement to all competitors in the field."

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The loan is being arranged under the EBRD Direct Finance Framework, which is designed to address business needs of local small and medium-sized enterprises in its countries of operations that are not sufficiently supported by other financial sources.

EBRD has invested more than €500m in Montenegro in all sectors of the economy, mobilising a total investment value of over €900m.