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    Archived pages: 1113 . Archive date: 2014-09.

  • Title: www.hbor.hr
    Descriptive info: Search.. Home.. About HBOR.. Contact.. Lending.. Export Promotion.. Tourism.. Agriculture.. Economy.. SMEs.. Environmental Protection.. Infrastructure.. Innovations.. Financial Restructuring.. Working Capital.. EU Funds.. Contribution.. Export Credit Insurance.. Programmes.. International Regulations.. Classification of Countries.. Short-term credit insurance.. Croatian Credit Insurance J.. S.. C.. Trade Finance.. Guarantees.. Documentary Letters of Credit.. Economic Co-operation Funds (ECFs).. Contacts.. English.. Standard Poor's Ratings Services revised its outlook on Croatia-based Hrvatska Banka za Obnovu i Razvitak (HBOR) to positive from stable.. On June 23, 2004, Standard Poor's Ratings Services revised its outlook on Croatia-based Hrvatska Banka za Obnovu i Razvitak (HBOR) to positive from stable.. At the same time, the 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency ratings on Croatia were affirmed.. The rating action follows the revision to positive of the outlook on the Republic of Croatia (foreign currency BBB-/A-3; local currency BBB+/A-2) on the same day.. HBOR is the sole government-owned specialized development and export finance bank in Croatia.. The ratings on HBOR are based on the bank's public policy mandate; strong government support; and its manageable risk profile in the context of Croatia's challenging economic environment.. HBOR was established in 1992 as an institution incorporated under the public law of Croatia.. It is located in the Croatian capital Zagreb, and has no branches, although it opened an information office in Split in December 2003.. The duration of HBOR is unlimited by law, and the bank may only be dissolved by an act of parliament.. As the sole specialized development and export finance bank, HBOR is  ...   has been the sole owner of the bank, and HBOR's ownership structure is unlikely to change in the foreseeable future.. Moreover, the supervisory board--which plans HBOR's strategy--is composed of ministers and members of parliament, giving the state close control over the bank.. Despite a challenging macroeconomic environment, the bank's risk profile remains manageable given its various layers of protection and relatively conservative management.. HBOR extends 70% of its financing directly to borrowers, but is almost entirely covered by a guarantee from the state, local authorities, or public enterprises.. The rest of HBOR's loans are provided through financial intermediaries, which then on-lend these funds to the ultimate borrowers.. Funds provided by HBOR are taken at the risk of the commercial banks requesting the loans.. Additional collateral also protects the bank's entire portfolio.. Finally, HBOR's management has proved conservative, introducing relatively prudent lending and borrowing policies.. Outlook.. The positive outlook on HBOR reflects the outlook on Croatia.. It is expected that HBOR will continue to play an important role in the Croatian government's economic development plans and policies.. This should enable the bank to maintain its public-law status and, therefore, its credit support from the sovereign's guarantee.. Analyst E-Mail Addresses :.. remy_salters@standardandpoors.. com.. moritz_kraemer@standardandpoors.. SovereignLondon@standardandpoors.. com.. Print.. Temporary Reduction in Interest Rates Charged by HBOR on New Investment Projects in the Period from 1 July 2014 to 31 December 2014.. Contact Us.. FAQ.. Glossary.. HBOR News.. Document library.. Financial statements.. Human Resources.. Back to top.. Croatian Bank for Reconstruction and Development.. All Rights Reserved..

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  • Title: www.hbor.hr
    Descriptive info: On the meeting of the Supervisory Board held yesterday, the Annual Report of HBOR for 2003 was accepted and will be forwarded to the Croatian Parliament for adoption.. Zagreb, 30th June 2004 – On the meeting of the Supervisory Board held yesterday, the Annual Report of HBOR for 2003 was accepted and will be forwarded to the Croatian Parliament for adoption.. HBOR operated successfully also in 2003, and in the first five months of this year it recorded improvement in operation as compared to the same period last year.. Pursuing its mission for supporting the development of the Croatian economy, HBOR operated successfully also in 2003, which is evidenced by the loans committed in the amount of HRK 3,877,4 million, realised profit in the amount of HRK 166.. 7 million and the increase in the balance sheet total by 22.. 9 per cent as compared to the previous year.. Besides, during the first five months of 2004, HBOR improved its operation as compared to the same period last year.. In order to make the Croatian exports more competitive, in 2003 HBOR decreased interest rates in its loan programmes, especially taking into account the needs of exporters and business entities operating in the regions of the special State concern and on the islands..  ...   held with special emphasis on promotion of exports.. In order to extend its regional operation and in this way be in the position to immediately help Croatian business entities in transforming good quality ideas into successful business projects, at the end of 2003 HBOR opened its information centre in Split, and very soon further centres will be opened also in Osijek and Rijeka.. The proof of HBOR's successful operation is also the annual award of the respective financial magazine Euromoney in the category of state institutions for the best issuer of bonds and borrowings via syndicated loans.. Besides, on 23rd June 2004, Standard Poor's Ratings Services revised its outlook on HBOR's rating from stable to positive.. The conclusion of Standard Poor's report reads as follows: «HBOR's management has proved conservative, introducing relatively prudent lending and borrowing policies (…) It is expected that HBOR will continue to play an important role in the Croatian government's economic development plans and policies.. ».. On 17th September 2004, HBOR will organise its traditional International Conference on Export Promotion in Dubrovnik.. The conference will gather the representatives of the most important Croatian and world financial institutions and companies, which will on this occasion exchange their experience and knowledge related to the improvement and promotion of export programmes..

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  • Title: www.hbor.hr
    Descriptive info: Hrvatska banka za obnovu i razvitak and Priorbank from the Republic of Belarus signed a Master Agreement on financing export transactions.. Zagreb, 28th July 2004 – On 23rd July 2004, Hrvatska banka za obnovu i razvitak and Priorbank from the Republic of Belarus signed a Master Agreement on financing export transactions.. After the Master Agreement with LT Gospodarska banka d.. Sarajevo which was signed in January, this is the second Master Agreement on financing export transactions this year concluded between HBOR and a foreign commercial bank for the purpose of further promotion of exports and opening of new markets to the Croatian exporters.. Funds under this Agreement will be extended for export projects in Belarus that meet the criteria for obtaining an insurance policy against political and commercial risks.. The maximum amount of aggregate loan funds provided under this Agreement is EUR 3 million, whereas the minimum loan amount for individual export transactions is EUR 100,000.. The aim of this Agreement is to facilitate the entry of  ...   million and 149 thousand.. This Master Agreement clearly defines formal and legal actions and documentation required for lending to a foreign buyer's bank before conclusion of export contracts, which facilitates and shortens the loan application procedure considerably.. The first Croatian exporter to participate in this project is the company SAS Strojogradnja from Zadar, and the buyer is Minskij Automobilskij Zavod (MAZ), one of the oldest and largest producers of motor vehicles in the CIS countries which exports its products into 79 countries worldwide.. Data on Priorbank.. Priorbank, established in January 1989, is one of the largest banks in the Republic of Belarus with over 2,700 employees.. According to the size of assets, it is placed in third position in the banking sector in Belarus, and according to the number of clients in the second position.. In January 2003, Group Raiffeisen Zentralbank Österreich AG/RZB became the majority owner of Priorbank with the share of 61.. 3 percent (acquisition of shares was performed through RZB subsidiary Raiffeisen International Beteiligungs AG)..

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  • Title: www.hbor.hr
    Descriptive info: HBOR signed a Memorandum of Understanding with one of the largest banks in the Russian Federation, Vneshtorgbank.. Dubrovnik, 17 th September 2004 – Numerous Croatian and foreign experts and businessmen discussed the Croatian export potential in Dubrovnik.. The 3 rd conference on the promotion of Croatian exports organised by HBOR took place in Dubrovnik on 17 th September 2004.. Representatives of respectable foreign institutions attended the Conference as speakers – Ms.. Kimberly Wiehl, Secretary General of The Berne Union, Mr.. Declan Murphy, Programme Director, OECD Investment Compact for South and East Europe, Mr.. Emanuel Maravić, Director, Central Europe Department of the European Investment Bank.. The Conference was also attended by numerous prominent bankers from Croatia and abroad as well as by leading Croatian exporters.. Conference participants discussed the role of state-owned banks in the field of export promotion.. They agreed that state support through an export credit agency or an export bank is an indispensable means of promoting exports by providing financial support and insurance against political and commercial risks.. Representatives of export banks and export credit agencies shared their experience relating to transition periods and their adaptation to new market developments.. Croatian businessmen commented on challenges and difficulties they faced  ...   things, the MoU includes the exchange of experience and knowledge, co-operation on joint projects in the field of export finance, joint investments and lines of credit.. Vneshtorgbank is a leading Russian bank for transactions with legal entities, which creates an opportunity for Croatian entities to establish good contacts with many Russian companies and facilitates their entrance to the Russian market.. It is of vital significance to Croatia to increase the volume of trade with Russia, a major Croatian trade partner with the volume of USD 657.. 8 million in imports and USD 58.. 4 million in exports in the seven-month period of 2004.. The Memorandum was signed by Mr.. Anton Kovačev, President of the Managing Board of HBOR, and by Mr.. Denis V.. Ursulyak, Senior Vice-President of Vneshtorgbank.. In the first seven months of this year, the Croatian exports increased by approximately 14% compared to the same period last year.. The creation of Croatian competitive products is a result of joint efforts of HBOR and Croatian exporters supported by commercial banks.. Reliable financial support and insurance against political and commercial risks provided by HBOR also contributed to the increase in the Croatian exports, said Mr.. Anton Kovačev, President of HBOR’s Managing Board..

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  • Title: www.hbor.hr
    Descriptive info: HBOR signed a Memorandum of Understanding with SMAEX, the Moroccan export credit insurance agency, and two days later with COTUNACE, the Tunisian agency for foreign trade insurance.. Casablanca , 28 th September 2004 – HBOR (Croatian Bank for Reconstruction and Development) signed a Memorandum of Understanding with SMAEX, the Moroccan export credit insurance agency, and two days later with COTUNACE, the Tunisian agency for foreign trade insurance.. By signing the memorandums, the parties have established a general framework for co-operation and exchange of information about joint projects implemented by the  ...   include co-operation relating to joint projects in third countries and the strengthening of competitiveness of exporters in third markets.. The agreed framework for co-operation includes joint insurance, re-insurance and recoveries as well as co-operation in the field of export finance and exchange of experience and knowledge.. The above memorandums represent a significant step in the process of strengthening Croatian’s relations and economic co-operation with Tunisia and Morocco.. In 2003, the volume of trade in goods between Croatia and Morocco reached USD 15.. 6 million and with Tunisia USD 13.. 9 million..

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  • Title: www.hbor.hr
    Descriptive info: HBOR (Croatian Bank for Reconstruction and Development) and MIGA (Multilateral Investment Guarantee Agency), a member of World Bank Group, signed a Memorandum of Understanding.. Washington , 4 th October 2004 – HBOR (Croatian Bank for Reconstruction and Development) and MIGA (Multilateral Investment Guarantee Agency), a member of World Bank Group, signed a Memorandum of Understanding, which aims to determine key areas of cooperation between the two institutions.. The President of HBOR's Management Board, Anton Kovačev, and MIGA's Executive Vice President, Yukiko Omura, signed the agreement.. HBOR and MIGA will cooperate in providing support to foreign direct investment, primarily through insurance and reinsurance of projects in which one or the other institution issues guarantees or insurance policies for investments.. The agreement would also enable more intensive experience and know-how transfer in the field of political risk insurance.. This agreement represents an important  ...   very active in the Western Balkan region, and has issued six guarantees for projects in Croatia.. “The signing of this memorandum, as well as the recent launch of MIGA's Eureopean Investor Outreach Program for the promotion of investments in the Balkans, signal our commitment to increasing the flows of foreign investment into the region, said MIGA’s Executive Vice President Yukiko Omura.. By formalizing our cooperation with HBOR, we take this commitment one step further.. MIGA was formed in 1988 to encourage foreign direct investment into developing countries by providing noncommercial risk insurance against such risks as transfer restriction, expropriation, breach of contract and war and civil disturbance.. MIGA also offers investment promotion services to help developing countries attract private investment more effectively.. Since inception, MIGA has issues 711 guarantees for projects in 85 developing countries, with coverage issued exceeding $13.. 5 billion..

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  • Title: www.hbor.hr
    Descriptive info: HBOR launched a new Loan Programme for the Development of Cattle Breeding in the Republic of Croatia.. 26.. 11.. 2004.. Development of the agricultural sector is a strategic element in the overall development of the Croatian economy, and the cattle breeding programme is the first of a series of new projects HBOR intends to implement within the framework of its activities aimed at accomplishing the aforementioned goal.. The purpose of HBOR’s loan programme for the financing of cattle raising is to expand existing or to establish new farms with the objective of producing sufficient quantities of cattle products and ensuring their competitiveness in open markets.. Loan funds for the extension of existing or the establishment of new farms will be extended to borrowers adequately educated in the field of raising cattle, or borrowers who have been raising cattle and who can, on  ...   purpose, and the loan amount will be determined in accordance with the purpose of the investment.. The maximum loan amount is HRK 3,500,000.. In co-operation with the Ministry of Agriculture, Forestry and Water Management and the Croatian Agricultural Extension Institute (CAEI), HBOR has organised a seminar on the procedure of receiving and processing loan applications for the members of expert committees in counties who will be participating in the implementation of the loan programme.. "We are aware of the challenges that cattle farmers are facing, and of requests imposed by the EU.. By this new loan programme, HBOR has ensured favourable loan terms and conditions.. I am positive that our business entities will recognise advantages of this loan programme and utilise loan funds in the best possible way, thus upgrading cattle raising and strengthening farmers’ competitiveness in the European market.. ”, stressed Mr..

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  • Title: www.hbor.hr
    Descriptive info: HBOR Opened a Regional Office in Istria.. 14.. Hrvatska banka za obnovu i razvitak has developed a number of loan programmes for the financing of the economy and export promotion.. In its endeavours to expand its co-operation with Croatian entrepreneurs that are considered the driving force of the country’s economic development, HBOR has decided to widen the range of its activities by opening a Regional Office for the County of Istria in Pula.. With the office for Dalmatia in Split that was opened a year ago, this is the second regional office opened by HBOR, a state development and export bank.. Further regional offices are planned to be opened in Osijek, Rijeka and Gospić, by means of which HBOR  ...   to the successful co-operation between HBOR and its borrowers – primarily small and medium-sized entrepreneurs.. Istria plays a crucial role in the development of Croatia and therefore viable projects implemented by companies that operate in this County may expect full support from HBOR in all areas of its operations – from the promotion of exports to the financing of the tourism industry, agriculture or communal infrastructure.. The operations of the office that is located on the premises of IDA, Mletačka ulica 12, will be run by Mr.. Boris Miletić, who will be giving advice and information to all possible borrowers with the objective of ensuring their future success.. The office will be open from 8 a.. m.. to 4 p..

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  • Title: www.hbor.hr
    Descriptive info: Exports to the Romanian Market Insured with the Support from HBOR and OeKB.. 23.. The goal of the export project is the modernisation and extension of a transformer station in Bucharest for the buyer: the Romanian electricity company, Transelectrica S.. The entire project is financed by the German state development bank KfW, and the project is implemented by the Austrian Siemens AG.. The company “Končar energetski transformatori” participates in the project as a manufacturer of four transformers, whose value amounts to EUR 5.. 6 million.. The entire value of the project amounts to EUR 47.. 2 million.. HBOR has reinsured the Croatian portion of the project, which represents the first reinsurance transaction approved by HBOR to OeKB relating to the Croatian share in the project.. In addition to  ...   export promotion programmes in 2004, which was reflected in an increase in the volume of insurance transactions of 126% in comparison with the previous year.. HBOR’s strategic partnership with the respectable Austrian export credit agency relating to the insurance of the joint export project is the evidence of the quality of operations of the state export and development bank as well as of the confidence of foreign institutions in the stability and reliability of the Croatian economy.. By this contract, HBOR marked the end of another successful business year characterised by new loan programmes, opening of regional offices, strengthened advisory role, international awards and numerous memorandums of understanding signed with export credit agencies and banks, all of which contributed to more efficient and stronger support for the Croatian exports..

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  • Title: www.hbor.hr
    Descriptive info: S P Raises Croatia L-T FC Rtgs to BBB.. LONDON (Standard Poor's) Dec.. 22, 2004-Standard Poor's Ratings Services said today it raised its long-term foreign currency sovereign credit rating on the Republic of Croatia to 'BBB' from 'BBB-'.. At the same time, the 'A-3' short-term foreign currency and 'BBB+/A-2' local currency ratings on Croatia were affirmed.. The outlook is stable.. "The upgrade reflects Croatia's strong track record of reforms and structural economic improvements over the past few years, as well as the ongoing stabilization of the public and private sectors' external debt levels," said Standard Poor's credit analyst Remy Salters.. The current government, elected in late-2003, is expected to push forward with further structural reforms, in particular by restructuring the remaining loss-making public enterprises and bringing the privatization process to a close.. The country's newfound EU candidate status provides a strong policy anchor, spurring efforts to modernize the legal, regulatory, and judicial systems, and to improve corporate governance standards.. The EU integration process is also expected to drive increases in greenfield foreign direct investment, strengthening the country's modestly diversified economic base.. Real economic growth is forecast at 4.. 0%-4.. 5% per year in the medium term.. The general government deficit is forecast to fall only gradually, to 4.. 3% of  ...   slowed sharply, on the back of a financing shift to the budding domestic capital market.. Standard Poor's expects overall net external debt as a ratio of CARs to start declining next year, to reach 52% in 2007 from 56% in 2004.. "Further rating improvements will require continued fiscal consolidation, progress with structural reforms, and effective integration into EU structures," said Mr.. Salters.. "Conversely, a loosening of fiscal consolidation or a reversal of the current stabilization of external debt dynamics could give rise to downward pressure on the ratings.. ".. Ratings information is available to subscribers of RatingsDirect, Standard Poor's Web-based credit analysis system, at www.. ratingsdirect.. It can also be found on Standard Poor's public Web site at www.. standardandpoors.. com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search.. Alternatively, call one of the following Standard Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017.. Members of the media may also contact the European Press Office via e-mail on: media_europe@standardandpoors.. GROUP E-MAIL ADDRESS.. Primary Credit Analyst(s):.. Remy Salters, London (44) 20-7176-7113;.. Secondary Credit Analyst(s):.. Moritz Kraemer, London (44) 20-7176-7114;.. Copyright (c) 2004, Standard Poor's Ratings Services..

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  • Title: www.hbor.hr
    Descriptive info: (HBOR) and PLINACRO d.. , Zagreb signed the Contract on Performance of Agent Transactions for the Project of construction of gas pipelines in the Republic of Croatia for the period 2003 – 2006 (the Project).. Zagreb, 8th December 2003 – Hrvatska banka za obnovu i razvitak (HBOR) and PLINACRO d.. On behalf of HBOR, the Contract was signed by Mr.. Anton Kovačev, President of the Managing Board, and Mr.. Krešimir Leko, Member of the Managing Board, and on behalf of PLINACRO by Mr.. Darko Karačić, General Manager.. Investments in the Gas Pipeline Project in the Republic of Croatia from 2003 to 2006 include investments in the gas transmission system Pula-Karlovac and gas transmission system of central and eastern Croatia.. The total investment is estimated at EUR 187 million.. The planned sources of finance are provided out of the own funds of PLINACRO and a long-term loan of the European Investment Bank (EIB) in the amount u EUR 90 million.. The Finance Contract between PLINACRO and EIB is expected to be signed in the mid-December.. The Project is of extreme strategic and economic importance for the Republic of Croatia.. The implementation of the Project  ...   global market will be strengthened significantly.. Moreover, the gas pipeline system will provide adequate possibilities for gas transmission for Croatian needs after the domestic gas fields have been exhausted.. It is also necessary to emphasise that the Project provides a secure, permanent, environmentally acceptable and relatively favourable source of energy.. Through the construction of central pipelines, preconditions for the introduction of gas supply were created for the majority of households which have not been in the position to use this source of energy so far.. In co-ordination with foreign creditors, HBOR negotiated the most favourable loan terms and conditions for PLINACRO, advised and co-ordinated the preparation and adjustment of the investment documentation necessary for loan approval and evaluated the investment from technical, technological, economic and financial point of view.. For the benefit of PLINACRO, HBOR also analysed the draft Finance Contract and advised PLINACRO during the negotiations regarding the conclusion of the Finance Contract with EIB.. As requested by PLINACRO, the expert teams of HBOR will perform administration works and give advisory services regarding the loan implementation by using the experience and knowledge gained in the co-operation with international financial institutions so far..

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    Archived pages: 1113