New Energy World Network reports that the European Investment Bank is providing two loans to finance energy efficiency measures in industry. These are for both small and medium-sized enterprises as well as larger companies with “middle capitalisation.”
EIB issues €400m in loans for energy efficiency projects in Croatia
The European Investment Bank (EIB) has provided two loans worth a total of €400m to the Croatian Bank for Reconstruction and Development (HBOR) to support energy efficiency projects in the country.
The first is a €250m loan to co-finance projects of small and medium sized projects. The second is a €150m loan to support investments in MidCap companies.
The two loans will be combined with EU grant support provided by the European Commission under the Energy Efficiency Finance Facility in order to foster projects contributing to an increase of energy efficiency and energy savings in Croatia.
EIB vice-president Dario Scannapieco stated: ‘Better availability of long-term financing, provided in cooperation with HBOR, a well-established partner of the EIB, is crucial for further development of the SME and MidCap sectors, which are the backbone of the Croatian economy and the main drivers of growth and employment in the country. Together with HBOR, the EIB is ensuring that the benefits of granting loans on favourable terms are passed on to eligible beneficiaries to facilitate projects including those contributing to the increase of energy efficiency.’
Anton Kovacev, president of HBOR’s Managing Board added, ‘The funds raised today in the amount of EUR 400 million will be used by HBOR to encourage new investment, particularly to introduce new products and technologies. The EIB has been supporting our efforts for thirteen years as such investments are a key prerequisite for an increase in the competitiveness of the Croatian economy and exports. Let me take this opportunity to thank our colleagues from the EIB once again for their confidence and for having recognised HBOR as a key partner for co-operation in Croatia.’
The EIB has already granted credits to HBOR worth €1.8bn. These funds have supported projects of SMEs, MidCap companies and public entities in the areas of industry and services, including tourism, and small and medium-scale infrastructure schemes promoted by local authorities.
Note:
Definition of ‘Mid Cap’
A company with a market capitalization between $2 and $10 billion, which is calculated by multiplying the number of a company’s shares outstanding by its stock price. Mid cap is an abbreviation for the term “middle capitalization”.
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