ZAGREB ZAGREB, Nov 10 (Hina) - The Croatian Finance Ministry, the HEP power supply company, and the Croatian Bank for Reconstruction and Development (HBOR) signed on Monday with the International Bank for Reconstruction and
Development (IBRD) agreements on bank guarantees, a loan and a deed of donation for a US$12 million energy efficiency project.
ZAGREB, Nov 10 (Hina) - The Croatian Finance Ministry, the HEP power
supply company, and the Croatian Bank for Reconstruction and
Development (HBOR) signed on Monday with the International Bank for
Reconstruction and Development (IBRD) agreements on bank
guarantees, a loan and a deed of donation for a US$12 million energy
efficiency project. #L#
The $7 million agreement on bank guarantees and the deed of donation
of the World Bank was signed by Finance Minister Mato Crkvenac and
the head of the World Bank's regional office in Zagreb, Anand Seth.
The 4.4 million euro loan agreement was signed on behalf of the HEP
by a management board member, Darko Belic, and on behalf of the HBOR
by director Anton Kovacev.
The purpose of the energy efficiency project is saving electrical
and thermal energy, reducing energy costs, energy import, and the
pollution of environment. The project enables the setting up of a
new main development agency to deal with energy efficiency projects
in the HEP.
Apart from the funds ensured with the agreements that were signed
today, commercial banks and users are expected to secure another
US$27.8 million, to be provided in the course of implementation of
the project.
Finance Minister Crkvenac said the project would also enable
employment and provide work for sub-contractors, as well as
encourage the reform of the energy market.
Efficient and clean power supply is of utmost importance for
sustainable economic development and increased efficiency in power
consumption can help increase business productivity, said Anand
Seth.
(hina) rml