The Croatian Bank for Reconstruction and Development (HBOR) has signed a Framework Loan Agreement with the Council of Europe Development Bank (CEB) for an amount of 50 million euros, which will be used for the development of small and medium-sized enterprises, it was announced today by HBOR.
According to the announcement, the agreement was signed yesterday in Paris by the President of the Management Board of HBOR, Anton Kovačev, and the Vice-Governor of CEB, Imre Tarafas. The 50 million euro loan will be used to finance new investments in small and medium-sized enterprises in Croatia and will, as emphasized by HBOR, contribute to strengthening their competitiveness as well as encouraging the creation of new and preservation of existing jobs. Small and medium-sized enterprises play an important role in the economic growth of Croatia, and HBOR, through its credit programs aimed at this sector of the economy, enables their medium-term and long-term financing at favorable interest rates. In addition to its active participation in the implementation of measures for the economic recovery and development of the Government of the Republic of Croatia, HBOR continues with its regular financing programs for the economy and, by signing the agreement with CEB, has secured additional funds to support small and medium-sized enterprises, HBOR emphasizes.
They also state that the signing of the latest agreement further confirms the long-standing successful cooperation between HBOR and CEB, which began in 2001 and continued with the signing of a framework agreement in 2008. CEB assessed the implementation of the 2008 agreement, through which HBOR also obtained 50 million euros for the financing of small and medium-sized enterprises, and which financed 77 projects, as very successful and, in response to HBOR’s expressed interest in continuing cooperation, made a positive decision, HBOR emphasizes. (H)
