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The Central Bank of Montenegro has decided to issue a banking license to Azmont Banka, BalkanPro news agency reported.

Azmont Banka was established by Azerbaijani investor of the Azmont Investments project and Azerbaijan Global Investments (AGI), the statement said.

"AGI company has great experience in the financial sector,” BalkanPro reported. “Its strategy is to implement investment projects in non-raw material sectors outside of Azerbaijan."

BalkanPro reported that Azmont Banka will begin implementing the Portonovi complex construction project in the settlement of Kumbor, located on the shore of Boka Kotor Bay.

Portonovi is one of the largest projects in Montenegro. The complex will consist of a hotel, a spa center, a port for super-yachts, residences, villas and houses, shops and restaurants. The hotel is expected to be commissioned by summer of 2018.

Bankar.me portal wrote that one of the reasons for the opening of the bank is the Trans Adriatic Pipeline (TAP) project, which envisages gas transportation from the second stage of development of Azerbaijani Shah Deniz gas condensate field to the EU countries,.

A memorandum of understanding and cooperation has been already signed with the Montenegrin government as part of the TAP project.

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