February 17 (SeeNews) - Croatia's defence ministry said on Monday it has signed agreements with 38 local companies worth a total 453 million kuna ($66 million/61 million euro) for procurement of military equipment in 2020, 140 million kuna more than last year.
"These agreements represent a significant contribution to Croatia's economy and show that the defence ministry is not only a consumer but also a generator of development and promoter of Croatian products," the ministry quoted defence minister Damir Krsticevic as saying in a press release.
Krsticevic also said he sees potential for deals with troubled diversified holding Djuro Djakovic [ZSE:DDJH] in further modernising its M-84 tanks.
In January, Djuro Djakovic signed a 150 million kuna loan agreement with local lender Hrvastka Postanska Banka (HPB) supported by state guarantees, to help the group pay debts to suppliers and the state, as well as to buy materials needed for the completion of three important contracts that have been in progress.
(1 euro = 7.44493 kuna)