The EBRD proposes to provide refund guarantees to support the medium-term financing of Uljanik Shipyard's current order book (the "Refund Guarantee Facility"). The longer-term goal of the Bank is to assist the Government with the restructuring and privatisation of Uljanik Shipyard.
Provision of refund guarantees to support the medium-term financing of Uljanik's current order book. The longer-term goal of the Bank is to assist the Croatian Government with the restructuring and privatisation of the Yard.
The transition impact of the project will primarily derive from the facilitation of the restructuring of the shipbuilding industry in Croatia. The commercialisation of Uljanik, which is covenanted under the Project, is likely to provide a blueprint to the other Croatian shipyards that are also striving to increase operational efficiencies.
Uljanik Shipyard ("Uljanik" or the "Yard") was founded in 1856 as an Austro-Hungarian naval shipyard and is located in the north Adriatic port-town of Pula on the Istrian peninsula. Following a major rehabilitation process recently undertaken by the State, the majority of the Yard's shares are held by the Croatian Privatisation Fund and the State Agency for Deposit Insurance. Private shareholders control 15.3 per cent.
The Yard consists of two production lines capable of designing and constructing vessels up to 80,000 dwt. Since 1951 Uljanik has delivered 200 new buildings, totalling over 6 million dwt to international buyers. Uljanik is regarded as the best managed state-owned shipyard in Croatia with a good track record of shipbuilding, delivery performance and high technical specification.
Short/medium-term Refund Guarantee Facility of up to US$ 12.0 million, under which the Bank would issue refund guarantees against agreed new building vessel contract's pre-delivery payments.
US$ 30 million (approximately).
The project was screened C/1. An Environmental, Health and Safety Audit of the shipyard is being prepared as part of the technical consultant's report. The principal environmental issues are compliance with relevant national and EU environmental, health and safety standards for the construction and operation of such vessels. On the basis of the findings of the environmental audit an Environmental Action Plan will be developed and agreed with the Company.
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Text of the PIP