WASHINGTON, Sept 28 (Hina) - Croatia's Bank for Reconstruction and Development (HBOR) and German Kreditanstalt vuer Wiederaufbau (KFW) on Monday signed a contract on a new loan valued 50 million euro (about 100 million German
marks).
WASHINGTON, Sept 28 (Hina) - Croatia's Bank for Reconstruction and
Development (HBOR) and German Kreditanstalt vuer Wiederaufbau
(KFW) on Monday signed a contract on a new loan valued 50 million
euro (about 100 million German marks). #L#
The KFW Management's President, Gert Vogt, said money from this
loan should serve as incentives to small and medium-sized
companies, particularly in Croatia's tourism.
The HBOR Management's President, Anton Kovacev, said the
cooperation with this Frankfurt-based financial institution had
been successful for seven years.
KFW and HBOR have already realised three loans, the total value of
which is 110 million German marks. They were used also for small and
medium-sized entrepreneurship and public utilities in Croatia.
Conditions of the (latest) loan have been assessed as very
favourable, Kovacev said adding that end users will be granted
money through commercial banks at a nine percent annual interest
rate.
Gert Vogt said the act of KFW granting loans to HBOR should be taken
as a sign of confidence in Croatia's economy, while investments in
small and medium-sized companies are considered as important for
the viable progress of any country.
Monday's ceremony of signing the contract was held in the building
of the Croatian Embassy in Washington, where the World Bank and the
International Monetary Fund are currently in session.
(hina) ms