GOVERNMENT: State Guarantees for EBRD loan for HAC
The government approved state guarantees to the Croatian Motorways (HAC) for a loan from the European Bank for Reconstruction and Development (EBRD). The loan amounts to €200 million over 15 years, with a two-year grace period, and interest rate of 6-month Euribor plus 1%. The loan will be used for the HAC’s restructuring and return on existing loans.
In 2016, the HAC is obligated to repay loans of €466 million of principal and €109 million of interest that can not covered from their own revenue streams. The contract still has to be confirmed by the Government and the Parliament through ratified legislation; it is expected that the procedure will be completed by February 2016, in order avoid insolvency issues.
Proposed by: Ministry of Maritime Affairs, Transport and Infrastructure