The agreement was signed by the World Bank Country Director for Croatia, Bulgaria and Romania, Anand Seth, and Finance Minister Ivan Suker at the Science and Education Ministry.
The majority of the funds, EUR16.8 million, will be spent on the advancement of technology in Croatian companies, EUR10.5 million on the restructuring of scientific research institutions, and EUR3.7 million on the establishment of a Unity through Knowledge Fund, which will engage Croatian emigrant scientists in the development of Croatia's national innovation system.
Education and Sports Minister Dragan Primorac said the restructuring of scientific research institutions was one of the main components of the STP.
Seth said that although it had taken a long time, the objective had been achieved and added the World Bank was privileged to be able to take part in the advancement of Croatia's innovation system.
He said Croatia had very promising scientists whom the loan would provide with an opportunity to show their skills on the international market as well.
Minister Suker said the agreement signed today confirmed that the World Bank had recognised the Croatian government's structural reforms.
He said the loan was one of the most favourable which could be obtained on the international market, with a 10-year repayment period and five years' grace. He added the STP would be implemented over four years.