ZAGREB, Oct 14 (Hina) - Croatia's Government on Thursday gave consent for the Croatian Power Industry (HEP) to take a loan, worth 30 million euro, from Chase Manhattan Bank. HEP will use these financial means for the import of the
electric power, coal, equipment and manufacturing components. After it took into consideration that conditions on the domestic financial and banking market were unfavourable and that the HEP needed additional financial means for the balanced cash flow and maintenance of the liquidity, the Government assessed that it would be justified for HEP to obtain money from abroad for this purpose. During Thursday's session, the Government said no state collateral had been asked for this loan, but HEP would issue its own promissory notes. The loan will be used through instalments, the smallest of which will be 500,000 euro and they are to be repaid within 75-180 days after t
ZAGREB, Oct 14 (Hina) - Croatia's Government on Thursday gave
consent for the Croatian Power Industry (HEP) to take a loan, worth
30 million euro, from Chase Manhattan Bank.
HEP will use these financial means for the import of the electric
power, coal, equipment and manufacturing components.
After it took into consideration that conditions on the domestic
financial and banking market were unfavourable and that the HEP
needed additional financial means for the balanced cash flow and
maintenance of the liquidity, the Government assessed that it would
be justified for HEP to obtain money from abroad for this purpose.
During Thursday's session, the Government said no state collateral
had been asked for this loan, but HEP would issue its own promissory
notes.
The loan will be used through instalments, the smallest of which
will be 500,000 euro and they are to be repaid within 75-180 days
after the usage of an instalment.
HEP's debts total 18 percent of this company's capital base.
(hina) jn ms