Export Finance Intermediation Loan

closed

The objective of the Export Finance Intermediation Loan Project for Croatia is to support the preservation and growth of exports by providing medium- and long-term working capital and investment finance to exporters and foreign exchange earning enterprises. The Croatia Export Finance Intermediation Loan (CEFIL) is a single component project consisting of a credit line to Croatian Bank for Reconstruction and Development (HBOR) as the Borrower and implementing agency. HBOR will wholesale the funds to private banking institutions (Participating Financial Intermediaries or PFIs), which in turn will on-lend to eligible private exporters and quasi-exporters such as the tourism and logistics sector. The envisaged project is to be implemented through HBOR's credit division. Its responsibilities will include: (i) on-lending to PFIs for final lending to sub-borrowers; (ii) ensure effective functioning of the on-lending facility to final borrowers through PFIs; (iii) on-going monitoring of the PFIs to ensure compliance with project criteria; (iv) responsibility for adherence to all fiduciary and safeguard requirements of the World Bank for final sub-borrowers; and (v) monitoring and evaluation based on key project development indicators.