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ZAGREB (Croatia), December 5 (SeeNews) - The European Investment Bank said on Tuesday it has agreed to provide credit lines for a total of 220 million euro ($260.7 million) to four Croatian banks to fund smaller-scale projects.
The EIB funding will target projects promoted mainly by small and medium-sized enterprises (SMEs), midcaps and municipalities, as well as energy efficiency initiatives, the Bank said in a statement.
Taking part in the financing are Croatia's state-owned bank for reconstruction and development HBOR (100 million euro), and three national commercial banks: Privredna banka Zagreb (60 million euro), Zagrebacka Banka (40 million euro) and Hrvatska Postanska Banka (20 million euro), the EIB said.
"The partnership between the European Investment Bank and HBOR and three prominent Croatian banks will make additional long-term finance available to Croatian companies, unlock further capital for the implementation of their projects and provide significant support for youth employment," said EIB vice-president Dario Scannapieco.
In addition, the EIB is using Private Finance for Energy Efficiency – an innovative financial instrument designed to foster priority investments contributing to energy efficiency – for the first time in Croatia.
The 100 million euro loan to HBOR will co-finance midcaps’ projects in a large number of sectors, such as manufacturing, services (including tourism), infrastructure, the knowledge economy, energy, and environmental protection.
The 60 million euro loan to Privredna Banka Zagreb will be targeted at SMEs and midcaps, making affordable financing available to them.
The 40 million euro loan to Zagrebacka Banka, the largest commercial bank in Croatia, is specifically targeted at energy efficiency measures.
EIB said that the 20 million euro loan to Hrvatska Postanska Banka is its first operation with this financial intermediary, thus increasing the number of financial institutions on-lending EIB funds in Croatia.