The project is conducted by Siemens AG from Austria. The Croatian company participating in the project is "Koncar energetski transformatori" which will produce four transformers worth 5.6 million euros.
In this 47.2-million-euro project, the HBOR has reinsured the Croatian share in the project, which is the first time the HBOR has granted reinsurance to the Austrian company for the Croatian share in a deal.
The HBOR has also provided insurance for pre-delivery risks in the amount of 1.6 million euros, which protects the Croatian company in case the contract is cancelled by the client.
The project was ordered by the Romanian power company Transelectrica S.A. and loans for the project have been granted by the German state development bank KFW.
The HBOR's support to Croatian exporters in 2004 has resulted in a 126-percent increase in exports in relation to 2003.