RIJEKA, March 14 (Hina) - Representatives of the Rijeka-based shipyard 'Viktor Lenac' on Tuesday signed contracts on the financing of development with the International Finance Corporation from Washington, a World Bank member, and
three other respected financial institutions. The contracts were signed in the presence of Prime Minister Ivica Racan. The four institutions will invest into the shipyard's capital stock by purchasing US$11.85 million worth of its newly-issued shares and granting long-term loans amounting to US$18.5 million. The total value of the 'Viktor Lenac' development project is US$63.4 million. A total of US$20 million has already been invested from the shipyard's funds and the remaining amount will also be secured from that source. Prime Minister Racan said the contracts signed today by 'Viktor Lenac' shipyard were a highly valuable enterprise which would benefit the co
RIJEKA, March 14 (Hina) - Representatives of the Rijeka-based
shipyard 'Viktor Lenac' on Tuesday signed contracts on the
financing of development with the International Finance
Corporation from Washington, a World Bank member, and three other
respected financial institutions. The contracts were signed in the
presence of Prime Minister Ivica Racan.
The four institutions will invest into the shipyard's capital stock
by purchasing US$11.85 million worth of its newly-issued shares and
granting long-term loans amounting to US$18.5 million.
The total value of the 'Viktor Lenac' development project is
US$63.4 million. A total of US$20 million has already been invested
from the shipyard's funds and the remaining amount will also be
secured from that source.
Prime Minister Racan said the contracts signed today by 'Viktor
Lenac' shipyard were a highly valuable enterprise which would
benefit the company's employees, management, and owner. "Foreign
capital, which comes to Croatia in this way, is welcome; our country
is tired of speculators' capital which did good neither to our
economy nor to the citizens," Racan said.
The new Croatian government is a good partner to Europe and the
world, and it will cooperate with them well, thus protecting and
promoting national interests in the best way. "The Government wants
to continue the process of privatisation, it is aware that the state
is a poor owner and employer, but it will consistently strive toward
such a privatisation process which will yield good projects,
guarantee development and create new jobs," the Prime Minister
said.
'Viktor Lenac' general director Damir Vrhovnik said the shipyard's
basic field of activity was overhaul and changes on vessels, the
construction of small vessels and the construction and
reconstruction of 'off shore' facilities. The shipyard is present
on markets in more than 20 countries and 95 percent of its income
accounts for income realised outside of Croatia. In the past three
years, the shipyard employed 485 new workers, Vrhovnik said.
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