Croatia: Raiffeisen Factoring Programme

Location:

Croatia

Project number:

48412

Business sector:

Non-depository Credit (non bank)

Notice type:

Private

Environmental category:

FI

Target board date:

06 Jul 2016

Status:

Complete

PSD disclosed:

25 May 2016

Translated version of this PSD: Croatian

Project Description

The EBRD is considering a senior loan of up to EUR 90 million to Raiffeisen factoring d.o.o in Croatia.

Project Objectives

The proceeds of the EBRD loan will be used for the purpose of providing factoring services to SME and corporate clients in Croatia with increased regional presence.

Transition Impact

Bank's continued support to SMEs through providing financing to a factoring company in Croatia is important as it will significantly contribute to improve cash-convention by easing the liquidity pressures and ensuring adequate working capital needed for the business activity. Alongside the
proposed funding, the Banks's medium term engagement continues supporting the policy dialog with the regulator and other institutions in addressing challenges and obstacles for the full implementation of the Factoring Law.

The proposed financing will also create the opportunity to launch non - recourse factoring for SMEs supported by the insurance policy - which will facilitate instant access to working capital to those companies which are not eligible for bank financing due to lack of required collateral.

Client Information

RAIFFEISEN FACTORING D.O.O.

Raiffeisen Factoring d.o.o. incorporated in Croatia is 100%-owned by Raiffeisenbank Austria d.d. Zagreb.

EBRD Finance Summary

EUR 90,000,000.00

Total Project Cost

EUR 90,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). RFC is an existing client of the Bank and is compliant with requirements of PRs 2, 4 (health and safety) & 9. Under existing exposure with the Bank, RFC is applying the Bank's Environmental & Social Procedures for Factoring, which includes assigning appropriate management and staff resources for the implementation of the procedures and establish a process for dealing with external communications on environmental and social matters. RFC will be required to continue to comply with the EBRD's E&S requirements, ensure sub-projects meet national environmental, health and safety and labour regulations and standards and submit annual environmental and social reports to the Bank.

Technical Cooperation

None.

Company Contact Information

Tomislav Kuharic
tomislav.kuharic@rba.hr
+385 1 5575703
+385 1 4604 877

Raiffeisen FACTORING d.o.o. Froudeova 11, 10000 Zagreb

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

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Email: projectenquiries@ebrd.com

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.