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Croatia and World Bank sign loan agreement for district heating project

ZAGREB, Sept 11 (Hina) - Croatian Finance Minister Ivan Suker has said that as of March 2008 financially disadvantaged citizens could be given discounts on heating bills as part of the the existing social welfare system.
ZAGREB, Sept 11 (Hina) - Croatian Finance Minister Ivan Suker has said that as of March 2008 financially disadvantaged citizens could be given discounts on heating bills as part of the the existing social welfare system.

A precondition for this is ensuring more rational operations of heating companies by implementing a framework for the development and implementation of the Heating Strategy adopted in May this year, Suker said on Monday at the signing of a World Bank loan agreement to finance a project for the development of the heating sector and a guarantee agreement.

Suker said that the new model of measuring the consumption of thermal energy would be incorporated into new reform laws which the government was preparing together with the World Bank within PAL 1 and PAL 2 programmes.

The World Bank granted the Croatian Power Company heating sector (HEP T) a 24 million euro loan to finance the modernisation of heating systems in Zagreb and Osijek.

The project is expected to improve the financial position of the heating sector which has been registering losses for years due to a great increase in the price of main energy sources, an obsolete and inefficient district heating network, and an inefficient heating management system, HEP CEO Ivan Mravak said.

In Zagreb, the average number of breakdowns per kilometre of the network is around four, which is eight times higher than the average number of breakdowns in Western European countries. The heat losses in the networks are around 15-25% compared to around 5-10% in the EU15.

The rehabilitation of the heating network is expected to cut losses by 16% in Zagreb and by 9% in Osijek. Water losses are expected to decrease by 13% in Zagreb and by 22% in Osijek.

At the same time, the project would enable consumers to individually measure the actual consumption of thermal energy.

The savings made this way will be used to pay back the World Bank loan.

The loan was granted for a period of 15 years, with a five-year grace and an annual interest rate of some 3.1 %.

Such a low interest rate is the best proof of the financial market's assessment of HEP's position and the situation in the Croatian economy, Suker said.

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