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The European Investment Bank (EIB) is lending EUR 60 million loan to Privredna Banka Zagreb d.d. (PBZ) to co-finance projects of SMEs, midcap companies and other priorities (public sector).

Mr Dario Scannapieco, EIB Vice President, stated: "The partnership between the European Investment Bank and Privredna banka Zagreb, will make additional long-term finance available to Croatian companies, unlock further capital for the implementation of their projects and significantly strengthen competitiveness of the SME sector being an engine for the employment and growth in Croatia".

Mr Božo Prka, President of PBZ's Management Board said: "PBZ constantly improves its range of products targeted at the SMEs with new programs developed to boost and strengthen the growth and development of entrepreneurial activities and initiatives in the country. Therefore, we are very pleased that PBZ is the EIB's partner institution with this new facility in the amount of EUR 60 million, which will make available additional funds to finance projects implemented by small and medium-sized enterprises, midcap companies as well as public sector projects".

This loan is in line with the EIB's priority of improving the access of Europe's SMEs to affordable financing for their activities. To this end, the EIB is joining forces with financing institutions, like PBZ, that know the local market and have, among others, SMEs, midcap companies and public sector companies as their customers.

This project is building on the successful cooperation between the EIB and PBZ. As well as the current operation, the EIB provided five loans totalling EUR 136 million to PBZ in 2001, 2008, 2011, 2014 and 2016. All of this previous lending has been successfully allocated to support undertakings of Croatian SMEs and municipalities.

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