European Investment Bank and Croatian Bank for Reconstruction and Development signed EUR 800 Million loan for SMEs and innovation

Zagreb, Croatia, 25-3-2014 — /EuropaWire/ — Mr Dario Scannapieco, Vice-President of the European Investment Bank, and Mr Anton Kovačev, President of the Managing Board of the Croatian Bank for Reconstruction and Development, signed EUR 400 million Finance Contract as the first tranche of the loan today. The signing ceremony was attended by Mr Slavko Linić, Minister of Finance.

The funds in the amount of EUR 250 million are earmarked for the financing of SMEs, whereas the amount of EUR 150 million is intended for the financing of public and private mid-cap companies investing in projects in the infrastructure, knowledge economy and environment sectors.

The Finance Contract was signed within the framework of the presentation of the EIB’s results in 2013 and of the EIB’s activities in Croatia. The presentation took place in Zagreb today, when Mr Dario Scannapieco pointed out:

“Easier access to long-term funding enabled by the EIB in co-operation with HBOR, our partner institution, is a key factor for the development of small and medium-sized enterprises and mid-cap companies as the key sectors of the economy and the driving force for development and job creation in Croatia. Through HBOR, the EIB creates preconditions for the financing of their projects, those aimed at increasing energy efficiency included, on favourable terms and conditions.”

Anton Kovačev said on this occasion:

“The funds raised today in the amount of EUR 400 million will be used by HBOR to finance its endeavours to encourage new investment projects, particularly those aimed at introducing new products and technologies. Such investments are a key prerequisite for an increase in the competitiveness of the Croatian economy leading to an increase in exports. In these efforts, we have been given extensive support by the European Investment Bank, which has been cooperating with us for 13 years now. I would like to take this opportunity to thank them for their confidence and for having recognised HBOR as the key partner for cooperation in Croatia.”

The co-operation between the EIB and HBOR started in 2001. So far, the EIB has granted to HBOR almost EUR 1.8 billion, the loan signed today included. Most of these funds have been used for the financing of projects implemented by small and medium-sized enterprises, mid-cap companies and public corporations in the manufacturing and service sectors, tourism included, and of investments in the energy, environment and similar infrastructure sectors.

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European Investment Bank and Croatian Bank for Reconstruction and Development signed EUR 800 Million loan for SMEs and innovation