EBRD Provides €9.6 Million to Port of Ploce
On 13 May, the European Bank for Reconstruction and Development (EBRD) announced it was providing a €9.6 million loan for the development of a new liquid-cargo terminal in Ploce, the second largest cargo seaport in Croatia. The new terminal will increase the existing liquid cargo storage capacity of 35,000 cubic metres to 85,000, in order to meet the rising demand for storage capacity from regional oil companies.
The EBRD loan will be provided to Luka Ploce Trgovina, a fully owned subsidiary of Luka Ploce (i.e. Port of Ploce). The total capital investment costs are €16.7 million and the completion of the construction works are expected by the end of June 2016. Furthermore, on 14 May, at their annual meeting held this year in Tbilsi, Georgia, EBRD announced that the economic assessment for Central and Southeast Europe was improving, but that the situation was deteriorating towards the east of the region, due to the Russian recession.
The EBRD stated the recession in Croatia had continued for the sixth consecutive year in 2014, with GDP growth estimated at -0.4%. The bank said they were keeping their forecast for 2015 at a timid 0.5%, as Croatia should benefit from reduced oil prices and some improvement in Eurozone demand.