ERSTE & STEIERMAERKISCHE BANK D.D., RIJEKA
11 Jun 2002
10 May 2002
A proposed € 20 million senior loan that would allow Erste and Steiermärkische Bank d.d. (ESB) to expand its lending operations and to provide medium to long-term funding to small and medium-sized companies in Croatia. To expand ESB's lending operations in the SME sector and to provide medium to long term funding to small and medium-sized companies in Croatia.
By supporting ESB and increasing the term funding available to the SME sector, which has a higher growth rate, the EBRD contributes to private sector development in Croatia. This leads to increased competition and entrepreneurship promotion. Transition impact also derives from improving local employee skills by supporting an institution strongly committed to the local market. This should have a long-lasting effect on the Croatian financial sector.
ESB is the eighth largest bank in Croatia with approximately €667 million in assets. The bank's consolidated market share of total banking assets is around 4 per cent.
€20 million senior loan.
ESB will follow the EBRD's Environmental Procedures for Local Banks in relation to all sub-loans financed through the credit line. In implementing these procedures, ESB will assess potential environmental issues associated with sub-projects, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.
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Text of the PIP