EIB provides EUR 250mn to Croatias HBOR for SME support.

By bne IntelliNews January 28, 2013
The European Investment Bank (EIB) is providing a EUR 250mn loan to the Croatian Bank for Reconstruction and Development (HBOR) to support projects of small and medium-sized enterprises (SMEs), mid-cap companies and municipalities, the EIB said in a statement. The financial resources will be used for financing projects in the areas of industry and services, including tourism, as well as infrastructure projects, promoted by local authorities. The loan will also be used for co-financing projects in the knowledge and technology-intensive sectors, and energy and environmental protection areas. Most of the financial resources (a minimum of 70% of the total amount) will be used for SMEs and mid-cap companies. Financing of projects promoted by the SMEs and mid-cap companies is the core policy objective of the EIB in the country, EIB Vice-President Anton Rop was quoted as saying. The EIB has already granted credit lines to HBOR for the total amount of EUR 1.1bn, including the current loan. The EIB credit line is part of the Joint IFI Recovery Action Plan for growth in Central and South-Eastern Europe. In November, the EBRD, the EIB, the World Bank Group agreed to support Central and South Eastern Europe's economic recovery and growth with over EUR 30bn of joint commitments in the 2013-2014 period. The financing aims to support private and public sector projects, including infrastructure, corporate investment and the financial sector.

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