ZAGREB, Oct 29 (Hina) - The Croatian government on Thursday adopted +a Transport Ministry motion to initiate the signing of a US$100 +million loan agreement with the International Bank for +Reconstruction and Development (IBRD).+ The
loan refers to a project for restructuring and modernising +Croatian Railways (HZ).+ The time of repayment should be 15 years, with a three to five-year +grace period, and a variable interest rate, the London Inter-Bank +Offered Rate (LIBOR) of US$5.16 percent.+ Negotiations on the loan are expected to be held on November 9.+ IBRD will finance 55 per cent of the project's worth, the European +Bank for Reconstruction and Development will participate with 19 +percent, i.e. US$35 million, and HZ and the Croatian state budget +with US$47 million.+ The project envisages the renovation of railway tracks and +maintenance of key routes, a reduction in the number of employees, a +legislat
ZAGREB, Oct 29 (Hina) - The Croatian government on Thursday adopted
a Transport Ministry motion to initiate the signing of a US$100
million loan agreement with the International Bank for
Reconstruction and Development (IBRD).
The loan refers to a project for restructuring and modernising
Croatian Railways (HZ).
The time of repayment should be 15 years, with a three to five-year
grace period, and a variable interest rate, the London Inter-Bank
Offered Rate (LIBOR) of US$5.16 percent.
Negotiations on the loan are expected to be held on November 9.
IBRD will finance 55 per cent of the project's worth, the European
Bank for Reconstruction and Development will participate with 19
percent, i.e. US$35 million, and HZ and the Croatian state budget
with US$47 million.
The project envisages the renovation of railway tracks and
maintenance of key routes, a reduction in the number of employees, a
legislation reform, etc.
The loan agreement is expected to be signed in mid-December.
(hina) ha jn