The World Bank yesterday approved a loan of 84 million euros (122.5 million US dollars) to the Port Authority of Rijeka for the Rijeka Gateway II project, it was announced today by the World Bank Office in Croatia.
The Rijeka Gateway II project is a continuation of the Rijeka Gateway program, aimed at improving the competitiveness of Rijeka as a port city, strategically located at the beginning of Corridor Vb, one of the important pan-European transport routes. The program will modernize strategic port facilities, increase private sector involvement in the port, improve the financial operations of the Port Authority of Rijeka, and enhance the quality of life in the port city, while better integrating Rijeka into international transport corridors.
The project will, it is noted, enable further development of the port’s capacity to meet the needs of increasing traffic, by expanding the existing container terminal and constructing a new terminal to accommodate large, modern container ships. The project will also support further improvement of financial operations and service quality in the Rijeka port. Additionally, the project will facilitate the development of the urban part of the City of Rijeka by relocating port activities from the Delta and Porto Baroša areas, which will develop into urban areas.
This is an IBRD loan denominated in euros in the amount of 84 million euros, with a six-month LIBOR for euros, increased by a fixed interest margin, with installment repayment and a repayment period of 23 years, including a grace period of 10 years. Since the Republic of Croatia joined the World Bank in 1993, this global development institution has provided it with financial and technical assistance, policy advice, and analytical services. To date, the Bank has provided support for 39 projects totaling 2.3 billion USD and approved 51 grants totaling 63 million USD. (H)
