CROATIA, WORLD BANK SIGN CONTRACT OF LOAN FOR CRO RAILWAYS

WASHINGTON, Jan 21 (Hina) - A loan agreement between Croatia and the World Bank for the modernisation and reconstruction of the Croatian Railways (HZ) was signed in Washington on Wednesday. The deal and accompanying documents were signed by Croatian Ambassador in Washington, Miomir Zuzul, and Christian Poortman, a representative of the World Bank. Poortman said the loan granted to the HZ was big, and the World Bank was willing to help realise it. The World Bank's management was glad to be able to support Croatia in such an important project, since the modernisation of the railways is a significant economic and political issue for every country, he added. Ambassador Zuzul said that his country was planning to raise the standard of living after it had succeeded in the defence of its sovereignty and territorial integrity. Now we should solve many problems inherited from the former Communist system, Zuzul explained. Since 1993 Croatia has signed 14 projects with the World Bank that has granted several loans, the total value of which is US$ 821.9 million. Under the latest agreement, the World Bank is to lend US$101 million for railway reform in Croatia. (hina) ms