ANNOUNCEMENT 30 Jul 2014In July 2014, the government of Croatia announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Official Press of the Ministry of Foreign Affairs (2015) Uspjena provedba prve skupine mjera iz Akcijskog plana podrke izvozu 2014. - 2015.
On 30 July 2014, the Commission for the Internalization of Croatian Economy confirmed the successful implementation of two new export financing instruments. Both instruments shall be located at the Croatian Bank for Reconstruction and Development (HBOR).
The first instrument aims to provide favorable financing conditions for foreign buyers of Croatian produce. Under the "Loans for Buyers" program, the HBOR offers loans withan interest rate equal to the Commercial Interest Reference Rates(CIRR) up to the amount of HRK 1 Billion (ca. USD 166 million) per loan.
The second instrument aims to support beginning Croation exporters. Under the 'Export Preparations'programme, HBOR offers increasingly favourable financing conditions for those exporters who enter a new market for the first time or with a new product. The interest rate charged on these loans shall be 2%.
The two instruments are the most tangible components of the Export Action Plan of the Croatian government which are already implemented. The Export Action Plan was announced in June 2014 and includes 13 activities and 41 measures. Besides the stated financing instruments, further implemented support includes: