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Dec 28, 2017 15:00 EEST
December 28 (SeeNews) - The Croatian government said on Thursday it is issuing a state guarantee worth $43.4 million (36.4 million euro) to state-owned Croatian Bank for Reconstruction and Development, HBOR, and Privredna Banka Zagreb (PBZ) on a loan to shipping company Uljanik Plovidba.
The guarantee represents 80% of a long-term club loan of $54.2 million issued to Uljanik Plovidba under a 10 year repayment deal, the government said during its regular session aired on its website.
Of the total loan, $27.1 million will be used to repay the remaining loan from PBZ issued to Uljanik to purchase the Champion Istra tanker, while the rest of the loan will be directed towards refinancing other due obligations.
HBOR and PBZ will issue the loan in equal halves.
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