Additional Incentive of EUR 500 million for the Development of SMEs in Croatia

Signing of the contract for the largest loan approved to Hrvatska banka za obnovu i razvitak

Zagreb, 1-2-2013 — /europawire.eu/ — European Investment Bank (EIB) approved a EUR 500 million loan to Hrvatska banka za obnovu i razvitak (HBOR) which represents HBOR’s biggest debit. The first tranche of the loan, in the amount of EUR 250 million, was signed today by Mr Anton Rop, EIB Vice-President and Mr Anton Kovačev, President of the Managing Board of HBOR, the signing ceremony was attended by Mr Slavko Linić, Minister of Finance.

EIB funds will finance projects in Croatia promoted by SMEs and mid-cap companies, small and medium-scale infrastructure schemes promoted by local authorities as well as limited size projects in industry in the areas of knowledge, energy, environmental protection, health and education.

Anton Rop stated on the occasion: „Support for the financing of projects implemented by SMEs and mid-cap companies is the core policy objective of the EIB in Croatia, as the SME and mid-cap sector represents the engine of growth and innovation. In its co-operation with HBOR, the EIB ensures that the benefits of it providing loans on favourable terms reach eligible promoters”.

Anton Kovačev, president of Hrvatska banka za obnovu i razvitak said on the occasion: „The loan amount at the same time represents HBOR’s biggest debit but it also confirms the fact that HBOR has gained a considerable reputation with special financial institutions. Abroad we are recognized as a crucial factor in the starting of Croatian economy. Let me remind you that in 2012, HBOR approved loans totalling HRK 10.23 billion, which represents an increase of 56 per cent compared to the year 2011. The recently obtained funds will additionally help preserve and even create new jobs, which is the key to starting and further development of the Croatian economy”.

Co-operation between the EIB and HBOR started in 2001. Up to now, the EIB has already granted seven credit lines to HBOR totalling EUR 860 million. The funds approved by the EIB, enabled HBOR to finance approximately 1300 projects in the Republic of Croatia, most of which refer to projects promoted by small and medium-sized enterprises.

###