208-MILLION-DOLLAR LOANS APPROVED BY HBOR IN 1998

ZAGREB, June 7 (Hina) - The Croatian Bank for the Reconstruction and Development (HBOR) last year granted 1.46 billion-kuna (208 million US dollar) loans, read the 1998 annual report of the bank forwarded to the Croatian National Parliament (Sabor). Of this sum, 36 percent, or 525.39 million kuna (75 million dollars) were approved for the financial support to the tourism sector. Last year, the HBOR allocated 358.2 million kuna (51 million dollars) for the reconstruction and development of economic activities and businesses, and approved 317.26 million kuna (45 million dollars) for incentives to the small businesses. The Bank directed 207.8 million kuna (29 million dollars) for the reconstruction and development of the infrastructure. It financed the export with 55.9 million kuna (8 million dollars), and commenced this programme not before in the last quarter of 1998. According to this annual report, in the long run this Bank plans to give more stimulation to Croatia's export, local infrastructure and more versatile development of small businesses and medium- sized entrepreneurship. According to HBOR estimates, the entire process of the reconstruction should be completed in next three or four years, which may then create more opportunities for developing new programmes and ideas. The 1998 income of the Bank totalled 394.1 million kuna (56 million dollars), whereas its expenditure amounted to 351.9 (50 million dollars) and the profit was thus 42.12 million kuna (6 million dollars). The realised profit was distributed to reserves which came to 134.6 million kuna (19.2 million dollars) by the end of 1998. (hina) ms