ZAGREB, Jan 16 (Hina) - Croatia and Korea signed an economic cooperation agreement on Tuesday and within it another agreement on a tied loan of Korea's fund for economic development and cooperation with Croatia, to be used for the
equipment and modernisation of Croatia's northern Adriatic harbour of Rijeka. The $34.5 million loan has a 25-year repayment period, a 7-year grace period and a 3.5 percent fixed annual interest rate. It will be repaid in the Korean currency and provide Rijeka's harbour with bridge cranes and other Samsung container reloading equipment. It is expected the Samsung equipment will make it possible to reload 30 container units per hour. The world standard is 25 units per hour. The agreements were signed by Korea's Budapest-based Ambassador to Croatia Hwa Ghil Han and Croatian Finance Minister Mato Crkvenac. Expressing satisfaction with the
ZAGREB, Jan 16 (Hina) - Croatia and Korea signed an economic
cooperation agreement on Tuesday and within it another agreement on
a tied loan of Korea's fund for economic development and
cooperation with Croatia, to be used for the equipment and
modernisation of Croatia's northern Adriatic harbour of Rijeka.
The $34.5 million loan has a 25-year repayment period, a 7-year
grace period and a 3.5 percent fixed annual interest rate. It will
be repaid in the Korean currency and provide Rijeka's harbour with
bridge cranes and other Samsung container reloading equipment. It
is expected the Samsung equipment will make it possible to reload 30
container units per hour. The world standard is 25 units per hour.
The agreements were signed by Korea's Budapest-based Ambassador to
Croatia Hwa Ghil Han and Croatian Finance Minister Mato Crkvenac.
Expressing satisfaction with the agreements, the Korean ambassador
was hopeful they would advance the two countries' relations,
inciting economic cooperation in other fields as well.
Minister Crkvenac said the loan agreement was coming at the best
time for the Croatian government which, after laying macroeconomic
foundations last year, in 2001 intended to launch a general
economic growth and open new jobs.
Deputy Maritime Affairs, Transport and Communications Minister
Jurica Komadina added that after two years necessary to bring and
set up the equipment, Samsung would also ensure a sufficient
quantity of cargo to make the Korean investment cost-effective.
Before the early 1990s war, the Rijeka harbour would reload 60,000
containers per year, but only 5,000 when the war ended in the mid-
1990s, Komadina added.
(hina) ha