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|Date:||29 September 2011|
The EBRD is contributing to the modernisation of air navigation equipment in Croatia with a €47 million loan with a sovereign guarantee to the national air navigation service provider, Croatia Control Limited (CCL).
The company will use the EBRD loan to finance priority air navigation systems and equipment as part of a major modernisation and upgrade programme.
Air traffic management is one of the most technologically dynamic industries in the world. This project will enable Croatia Control Limited to make the technical and operational steps to meet the standards set by the Single European Sky initiative which coordinates the design, management and regulation of airspace in the European Union.
As air traffic over Croatia continues to grow, modernisation of the air navigation system will ensure that Croatia Control Ltd maintains key standards in safety, flight efficiency, capacity and cost recovery.
"The EBRD supports the development of regional transport networks, particularly in the context of Croatia's preparations for integration into the European internal market. The purchase of new air navigation equipment represents another substantial step for Croatia Control Limited towards complying with EU standards", - said Thomas Maier, the EBRD's Managing Director for Infrastructure.
"The Project represents an important step in CCL's on-going investment programme which ensures the highest quality of air navigation services in the Croatian airspace, enhancing safety and capacity to accommodate future traffic demand and allowing efficient and productive cooperation with other air navigation providers in the region, in particular within FAB CE framework", - said Dražen Ramljak, Croatia Control's Director General.
The loan to Croatia Control Limited will be the third air navigation project for the EBRD in that country. The first project in 1994, which was also the first EBRD loan in Croatia, concentrated on replacing the equipment damaged in the war and re-establishing normal air traffic services. The second provided a technological upgrade in 2002.
Since the beginning of its operations in Croatia, the EBRD has invested over €2.5 billion in 133 projects in the country, mobilising over €4 billion of investment from other sources of financing.
Last updated 29 September 2011
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