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EBRD loan to help clean up Croatia's Adriatic coast
A €36 million loan from the European Bank for Reconstruction and Development (EBRD) is expected to reduce soil and water contamination in one of the most scenic parts of Croatia's Adriatic coast. The loan should also help Croatia's move towards integration into the European Union, bringing the country closer to full compliance with EU environmental regulations.
The 10-year loan, guaranteed by the Croatian government, will be used to upgrade existing waste-water treatment, hazardous waste management and treatment facilities at Industrija Nafte Zagreb d.d. (INA), Croatia's national oil and gas company.
Improving the environment is an important aspect of the Bank's mandate. "We are very pleased to help INA implement this important programme. It should result in operational savings, bolster the company's pre- privatisation plans and strengthen Croatia's tourism industry by cleaning up its coastline," said Kevin
Bortz, Director of the Natural Resources team at the EBRD.
The EBRD has enjoyed excellent cooperation with the company's management and the Croatian government and looks forward to contributing further to development of the energy sector in Croatia and implementation of INA's restructuring programme.
"The nature of our business is one that can influence the environment," said Dr. Tomislav Dragicevic, President of INA. "Our commitment to curbing any negative impact on the environment is a key element of INA's business policy and has been consistently demonstrated through the adoption and implementation of the annual environment protection programmes. This loan from the EBRD will help the company to go one step further and undertake a comprehensive upgrade of the company's assets in a number of locations."
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