Sabor Ratifies Two Agreements With European Investment Bank

Total Croatia News

Source: Pixabay
Source: Pixabay

Source: Pixabay

ZAGREB, October 16, 2020 – Parliament on Friday ratified two agreements which enable Croatia to access the European Investment Bank (EIB) Pan-European Guarantee Fund in Response to Covid-19.

The parliament adopted legislation confirming the Agreement on contributions between EIB and Croatia related to the Pan-European Guarantee Fund in Response to Covid-19 and the Agreement on guarantees upon first call between initial guarantors and temporary guarantors.

The Covid-10 guarantee fund is part of an EU €540 billion package to bail out enterprises.

The fund is valued at €25 billion earmarked for EU member states and it is estimated that it will mobilise an additional €200 billion.

Based on its 0.43% share in EIB’s registered equity, the total maximum amount that Croatia will potentially be obliged to contribute for the duration of the fund is €106.7 million.

The fund is aimed at responding to the economic impact of the pandemic, to ensure enterprises, primarily SMEs, with sufficient funds for liquidity and to facilitate their access to finances to overcome the crisis and continue developing their mid and long-term business.

Parliament amended the Building Material Act to adapt it to EU directives and introduce measures to reduce illegal building material on the market, considering the effects those products can have on human health and lives as well as the environment.

Amendments to the Act on Settlement Finality in Payment and Financial Instruments Settlement Systems were also adopted to align the law with EU law.

Amendments to the laws on credit institutions and rehabiliation of credit institutions and investment companies were forwarded to receive a second reading.

As many as 18 lawmakers were told to self-isolate on Friday due to possible infection with coronavirus, and they were enabled to vote from home.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment