AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 13 June 2014, HBOR (Croatian Bank for Reconstruction and Development) and the DNP Borisov Gorodok (a Russian business entity) signed a credit agreement with a volume of ca. USD 84 million. The purpose of the financing is the construction of a holiday resort in Russia. The total investment volume for the project is forcasted to be USD 99 million.
The condition for HBOR's financing of the project is a requirement to source construction material and services from Croatia. According to HBOr's annoucement, the deal benefits more than fifty Croatian companies.
This credit agreement is in accordance with the 2014-2015 ExportSupport Action Plan adopted by the Government of the Republic of Croatiain 2014. This plan envisaged an even stronger role for HBOR in thefield of export promotion.
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