The agreement, which was signed in Zagreb on Friday, provides for the EUR 40 million loan for the project, with a half of the sum being ensured by the EBRD and the other half being syndicated by Raiffeisen Zentralbank Osterreich.
The EBRD will hold a 20-percent in the project development company, said the EBRD Managing Director for Industry, Commerce and Agribusiness, Alain Pilloux.
Representatives of the EBRD and the GTC Group described the Avenue Mall Osijek project as the biggest investment in that eastern Croatian city.
The investment will create 600 new jobs.
Attending the agreement-signing ceremony, local officials -- Osijek Deputy Mayor Ivan Vrdoljak and City Council Chairman Gordan Matkovic -- expressed hope this project would encourage other investments in their city.
GTC Croatia Director Sinisa Slijepcevic said that the EBRD was covering more than two thirds of funds necessary for building Avenue Mall Osijek.
According to some estimates, this shopping mall will cost EUR 55 million.
Avenue Mall Osijek is the second GTC shopping complex in Croatia. The first one was built in Zagreb.