Independent Balkan News Agency

Four Croatian banks to be supported by the EIB for funding smaller-scale projects

Four Croatian banks to be supported by the EIB for funding smaller-scale projects
Hrvatska banka za obnovu i razvitak (HBOR, 100m euros), Privredna banka Zagreb (PBZ EU, 60m euros), Zagrebacka Banka (ZABA, 40m euros) and Hrvatska Postanska Banka (HPB, 20m euros) are the four Croatian Banks to be financed by the European Investment Bank. The EIB "has agreed to provide credit lines for a total value of EUR 220m to four Croatian banks to fund smaller-scale projects promoted mainly by small and medium-sized enterprises (SMEs), midcaps and municipalities, as well as energy efficiency initiatives", reads the EIB press release.

HBOR "is the state-owned national bank for reconstruction and development" while the other three are national commercial banks.

EIB Vice-President Dario Scannapieco believes that such a partnership "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". And went on to add that EIB are 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 funding will cover sectors such as infrastructure, manufacturing, energy, etc.../IBNA

Photo: Nicolas Bouvy/EPA

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