WASHINGTON, May 5 (Hina) - Croatia's and World Bank representatives on Wednesday singed an agreement on a World Bank loan to Croatia, to be used as assistance for a project of institutional and legislative changes, aimed at motivating
development of the private sector of the economy. The project is valued at $US8 million while the loan is valued at US$7.3 million. The loan was granted for a period of 15 years with a five-year grace and the usual interest rates. The loan agreement was signed by Croatian Ambassador to the US, Miomir Zuzul, and the regional director of the World Bank, Arntaaud Hartman. The Ministry of Finance is to use the funds to establish an agency to legally regulate public services; to advance the activities of the Agency for the Protection of Market Competition, the Central Depository Agency and the Commission for Securities. A study is to be conducted to improve the registratio
WASHINGTON, May 5 (Hina) - Croatia's and World Bank representatives
on Wednesday singed an agreement on a World Bank loan to Croatia, to
be used as assistance for a project of institutional and
legislative changes, aimed at motivating development of the
private sector of the economy.
The project is valued at $US8 million while the loan is valued at
US$7.3 million. The loan was granted for a period of 15 years with a
five-year grace and the usual interest rates.
The loan agreement was signed by Croatian Ambassador to the US,
Miomir Zuzul, and the regional director of the World Bank, Arntaaud
Hartman.
The Ministry of Finance is to use the funds to establish an agency to
legally regulate public services; to advance the activities of the
Agency for the Protection of Market Competition, the Central
Depository Agency and the Commission for Securities.
A study is to be conducted to improve the registration of land
titles. At the same time, a project will be conducted to improve the
State Bureau of Statistics price monitoring methods.
One portion of the funds is to be used to support efforts to
privatise three Croatian banks.
Ambassador Zuzul stated that the purpose of the loan was more
important than its actual value.
The World Bank representative said she believed this was the
beginning of new relations between Croatia and the World Bank.
(hina) sp/rml