ZAGREB (CROATIA), June 14 (SeeNews) – The European Investment Bank (EIB) and state-owned Croatian development bank HBOR signed a 50 million euro ($60.6 million) guarantee agreement for loans taken by Croatian mid-caps and large corporations to finance their recovery from the pandemic, the EIB said on Monday.
“The EIB contribution stems from the European Guarantee Fund (EGF) set up by the EIB Group in 2020 to accelerate the post-COVID-19 recovery of European economy, safeguard jobs, and provide much needed liquidity to European companies,” the EIB said in a statement.
This is the first EIB operation in Croatia stemming from the EGF, and the fourth for the EIB Group, following three EGF operations implemented by the European Investment Fund (EIF).
The EIF operations provided guarantees for 350 million euro in loans, and this agreement with HBOR brings the total value of loans guaranteed by the EGF in Croatia to 513 million euro, according to the statement.
“This Guarantee Agreement will enable HBOR to approve loans with lower collateral requirements to mid-caps and large companies, which we have already been able to offer to SMEs and small mid-caps following the conclusion of the Guarantee Agreement with the EIF," HBOR management board president, Tamara Perko, said. "These benefits will be available for direct working capital loans and investment loans to mid-caps under the existing HBOR’s loan programmes."
(1 euro = $ 1.2120672)