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WB loan to support CEFIL project fostering recovery
06 Aug '09
2 min read
The World Bank approved a EUR100 million (USD$141.2 million equivalent) loan to the Croatian Bank for Reconstruction and Development to expand the private sector's access to credit and boost competitiveness, particularly among exporters.
The Croatia Export Finance Intermediation Loan (CEFIL) Project will support the Government of Croatia's efforts to ensure steady flow of credit to strategic private businesses. The loan will support the Government's goal of enhancing economic competitiveness by preserving exports and employment, and fostering sustainable growth and recovery during this period of global economic downturn. More specifically, the project will support export growth by providing working capital and investment finance to exporters, and foreign exchange-earning enterprises such as in tourism and logistics sector.
The project will be implemented by the Croatian Bank of Reconstruction and Development which will make the project funds available to commercial banks, which in turn will on-lend to eligible private companies.
”The global economic recession has affected all of the economies in the region, including Croatia's. Limited liquidity in global markets has meant restricted access to medium- and long-term financing for many private enterprises which are an important engine for growth and job creation,” said Theodore Ahlers, World Bank Acting Country Director for Croatia.
“Through this loan, we will help the Government of Croatia's efforts to stabilize the economy by making additional financing available to exporters so they can continue to invest in their businesses and create employment opportunities.”
Since joining the World Bank in 1993, Croatia has received support from the global development institution in the form of financial and technical assistance, policy advice and analytical services. To date, the Bank has supported 41 operations with a total value of US$2.52 billion, and it has approved 52 grants with a total value of US$70 million.
The Croatia Export Finance Intermediation Loan (CEFIL) Project will support the Government of Croatia's efforts to ensure steady flow of credit to strategic private businesses. The loan will support the Government's goal of enhancing economic competitiveness by preserving exports and employment, and fostering sustainable growth and recovery during this period of global economic downturn. More specifically, the project will support export growth by providing working capital and investment finance to exporters, and foreign exchange-earning enterprises such as in tourism and logistics sector.
The project will be implemented by the Croatian Bank of Reconstruction and Development which will make the project funds available to commercial banks, which in turn will on-lend to eligible private companies.
”The global economic recession has affected all of the economies in the region, including Croatia's. Limited liquidity in global markets has meant restricted access to medium- and long-term financing for many private enterprises which are an important engine for growth and job creation,” said Theodore Ahlers, World Bank Acting Country Director for Croatia.
“Through this loan, we will help the Government of Croatia's efforts to stabilize the economy by making additional financing available to exporters so they can continue to invest in their businesses and create employment opportunities.”
Since joining the World Bank in 1993, Croatia has received support from the global development institution in the form of financial and technical assistance, policy advice and analytical services. To date, the Bank has supported 41 operations with a total value of US$2.52 billion, and it has approved 52 grants with a total value of US$70 million.
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