Croatian exports will get a €25mn (US$30.8mn) boost via a trade financing facility provided by the European Bank for Reconstruction and Development (EBRD).
The loan will be provided to Raiffeisenbank Austria (RBA), part of the RZB Group, to be used to support Croatian businesses with various trade finance facilities such as guarantees and cash advances for financing pre-export and post-export transactions.
Rudolf Putz, head of the EBRD trade finance programme, says: “This facility is a continuation of the EBRD’s successful [relationship] with RBA. It will increase the availability of financing to businesses in Croatia, helping to stimulate trade growth in the country and the region.”
Herbert Stepic, the chief executive officer of RBA’s parent company, Raiffeisen International Bank-Holding, echoes Putz’s comments: “This trade finance facility directed at supporting Croatia’s export sector is further proof of the joint commitment that Raiffeisen and the EBRD have to helping the economies in Central and Eastern Europe return to a path of sustainable growth.”
Since beginning its operations in Croatia, the EBRD has provided more than €2.2bn (US$2.7bn) to various sectors of the country’s economy.
Last Updated May 17, 2010
Reader Comments