WASHINGTON, Oct 8 (Hina) - The World Bank on Tuesday approved the implementation of a project for improving power efficiency in Croatia, granting seven million dollars and giving a loan of five million to Zagreb.
WASHINGTON, Oct 8 (Hina) - The World Bank on Tuesday approved the
implementation of a project for improving power efficiency in
Croatia, granting seven million dollars and giving a loan of five
million to Zagreb. #L#
The purpose of the project is to facilitate the establishment of a
market of energy efficiency in Croatia and help the country to
become less dependent on the import of power.
The Board of the Executive Directors of the World Bank approved the
project which would be financed by seven million dollar from the
Global Environment Fund (GEF) and a loan of $5 million which would
be given by the International Bank for the Reconstruction and
Development as a part of the World Bank. The grace period is 10 years
and the loan should be paid back within 20 years, the WB reported.
It is expected of commercial banks and beneficiaries of the project
to ensure additional $27.8 million.
The project should also encourage Croatia to use fuels that pollute
the environment to a lesser extent so that the air quality may be
improved through the reduction in greenhouse gas emissions.
Since 1993 when Croatia became a WB member, this institution has
financed $700 million for a total of 22 projects, worth $1.2 billion
dollars.
(hina) ms