Proposed credit line to the Croatian Bank for Reconstruction and Development (HBOR) for financing small and medium-sized enterprises (SMEs), to be co-financed by the EBRD and the Council of Europe Development Bank.
The proceeds of the facility would be used by HBOR to fund long-term investment projects in the SME sector, either directly or through commercial banks.
By promoting the SME sector, which generally has a higher growth rate and generates more employment than large enterprises, the co-financing facility will contribute to private sector development in Croatia. In addition, the facility will help to mitigate the lack of long-term funding in the domestic financial system.
HBOR is a wholly state owned development bank, established in 1992 to facilitate the development and reconstruction of the Croatian economy. HBOR’s loan programmes, which are offered either directly or through commercial banks, are designed to contribute to the development of infrastructure, private SMEs, tourism and other priority sectors.
The co-financing facility would comprise an EBRD loan of EUR12 million and a loan of EUR8 million from the Council of Europe Development Bank.
Environmental risks and opportunities may be associated with the individual transactions financed through HBOR’s credit line. For this reason, HBOR will be required to conduct environmental due diligence on sub-loans to identify and address such risks. HBOR has some experience of employing the EBRD’s Environmental Procedures for Financial Institutions through a tourism credit line.
Reconstruction of war-affected regions is typically associated with environmental contamination. Opportunities for supporting environmental clean-up, energy efficiency and cleaner production should be encouraged in all sub-loans.
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