ZAGREB, Nov 26 (Hina) - The Croatian Bank for Reconstruction and Development (HBOR) and the European Investment Bank (EIB) on Monday signed their first agreement, on a global loan worth 10 million euros, intended for continued loans
to small and middle-scale businesses, industry and tourism. The agreement was signed by HBOR management board chairman Anton Kovacev and EIB vice president, Ewald Novotny. The EIB is owned by members of the European Union. The state's guarantee for the loan was signed by Croatian Finance Minister Mato Crkvenac. The loan was granted at a fixed interest rate to be established by the EIB on the date the funds are drawn (from four to 4.5 percent annually). The maturity is 12 years for projects of small and middle scale entrepreneurships, and 15 years for infrastructure projects. Stressing that the EIB's annual credit portfolio would this year amount to about 34 billion
ZAGREB, Nov 26 (Hina) - The Croatian Bank for Reconstruction and
Development (HBOR) and the European Investment Bank (EIB) on Monday
signed their first agreement, on a global loan worth 10 million
euros, intended for continued loans to small and middle-scale
businesses, industry and tourism.
The agreement was signed by HBOR management board chairman Anton
Kovacev and EIB vice president, Ewald Novotny. The EIB is owned by
members of the European Union. The state's guarantee for the loan
was signed by Croatian Finance Minister Mato Crkvenac.
The loan was granted at a fixed interest rate to be established by
the EIB on the date the funds are drawn (from four to 4.5 percent
annually). The maturity is 12 years for projects of small and middle
scale entrepreneurships, and 15 years for infrastructure
projects.
Stressing that the EIB's annual credit portfolio would this year
amount to about 34 billion euros, Novotny said that loans from all
three areas covered by the bank were available to Croatia, meaning
that, in the bank's view, Croatia has the same status as any full
member of the EU.
The programmes in question are those of direct long-term financing
of the infrastructure, global loans to banks which then direct the
funds to entrepreneurs, and direct investments into the venture
capital programme.
The EIB currently has four operative programmes going on with
Croatia (for roads, railways, a global one...) and if two more are
realised by the end of the year, 2001 will end with between 130 and
180 million euros worth of loans. The EIB vice-president announced
a doubling of the amount next year for Croatian infrastructure and
other projects.
Novotny commended Croatia as being one of the fastest and most
efficient, that is, a country in the region with which cooperation
is easiest.
Crkvenac saw as exceptionally important the fact that EIB's
activities were in full harmony with Croatia's development
projects, and that its activities accelerated Croatia's
development and increased its credit rating.
(hina) lml