ZAGREB (Croatia), June 19 (SeeNews) - Croatia's state-held bank for reconstruction and development, HBOR, said on Tuesday it has signed a 152 million kuna ($23.8 million/20 million euro) deal with the ministry for regional development and EU funds for on-lending to local government units with the aim to cut the use of energy in street lighting.
HBOR will grant loans to local governments ranging from 500,000 kuna to 15 million kuna at low interest rates, it said in a statement. The repayment period is up to ten years, including a six-month grace period.
The funding is provided inder the financial instrument ESIF Loans for Public Lighting, within the EU's operational programme Competitiveness and Cohesion 2014-2020.
In December, the ministry of regional development and EU funds awarded HBOR a similar project under the ESIF Energy Efficiency for Public Buildings instrument, worth 190 million kuna.
Within the Croatian banking system, HBOR plays the role of a development and export bank established with the objective of financing the reconstruction and development of the Croatian economy.
(1 euro=7.3869 kuna)