July 4 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is lending 60 million euro ($78 million) to Croatia's Zagrebacka Banka [ZSE:ZABA-R-A] in support of small- and medium-sized enterprises (SMEs) and energy efficiency.
The facility comprises 40 million euro which will be extended to private sector companies for investments to improve their competitiveness, and 20 million euro will support the financing of private and municipal energy efficiency and renewable energy projects, the EBRD said in a statement.
The energy efficiency line is part of the Regional Energy Efficiency Programme for the Western Balkans, a joint initiative between the Western Balkans Investment Framework (WBIF) and the EBRD. WBIF funding is provided for free technical support and incentives to sub borrowers. WBIF is a common initiative of the EU, International Financial Institutions, bilateral donors and the governments of the Western Balkans.
The funds are being provided under the international financial institutions’ joint Action Plan agreed between the EBRD, the World Bank Group and the European Investment Bank in November 2012. The Action Plan, developed within the context of the European Bank Coordination 'Vienna' Initiative, includes more than 30 billion euro of joint commitments for the period 2013-14.
To date, the EBRD has signed some 152 projects in Croatia for a total amount of 2.77 billion euro.
($=0.7693 euro)