Croatia only country in region without EBRD investments in energy

Croatia is the only country in central and Eastern Europe (CEE) in which the European Bank for Reconstruction and Development (EBRD) has not invested in a single energy-related project.

EBRD is interested in some of the national power company Hrvatska Elektroprivreda's (HEP Group) projects, the EBRD director for Croatia Charlote Ruhe said at the Development of Energy Sector Conference held in Zagreb today (Tue). She added, however, that HEP did not show any interest in cooperating with EBRD.

Ruhe said that EBRD had also been interested in other projects in Croatia which have dealt with renewable energy sources, but the bureaucratic procedure was too long, the Croatian daily Vecernji List reports.

On the other hand, the World Bank participates in Croatia with three projects.

According to its energy strategy, Croatia is planning to invest some 3.06 billion Euros in energy projects by 2020.

Part of the financing will come from foreign investments, while Croatia's share is estimated at 2.2 billion Euros.

A EUR 400 million worth contract on construction of coal power plant 'Stanari' near Doboj was signed on Wednesday between 'EFT Group' and Chinese company 'Dongfang Electric Corporation'.

The contract foresees the construction to be completed within 45 months, which means that the power plant could officially be in function as of 2014. Explaining the fact that the power plant's installed power will be lower than it was planned, representatives of 'EFT Group' stated that this is a result of economic problems. They emphasized that Chinese equipment is the most acceptable at the moment. Head of 'EFT Group Vuk Hamovic stressed that it is the most modern technology, adding that the Chinese investor has already installed the same equipment at 30 different locations. However, this was the first time the Chinese company acts on the European market.

April 21, 2010, Sarajevo

PricewaterhouseCoopers d.o.o. Sarajevo participates in Career StartUp event on Faculty of Economics Sarajevo that is being held on 21 and 22 April 2010. PwC is of the view that this is a great opportunity to meet the future business leaders in person, to hear their ideas and to provide them with information how to apply for a job in PwC.

PricewaterhouseCoopers has been voted to be number one in The Times Top 100 Graduate Employer for six years in a row. "For graduates who are serious about a career in business, they don't believe anyone else could provide a better start. Their people make them stand out as a firm. They choose the best and invest heavily in them. Graduates will benefit from training that helps them to gain breadth as well as depth of knowledge; support to gain a professional qualification and the chance to work in different teams and offices, experience different clients and projects, try out new roles and even sample other business areas. It will all help to develop along a path that fits personal aspirations as well as the ever-changing needs of their business. Bring them talent and commitment, and they will offer a competitive salary plus an innovative flexible benefits scheme."

The country director Aida Soko is pleased to invite all interested students to visit our stand in the Economics Faculty, or our website www.pwc.com/ba in order to receive answers to your questions in regard to starting a career in PricewaterhouseCoopers.

EBRD Annual Meeting and Business Forum
in Zagreb, Croatia on 14 and 15 May, 2010

The Business Forum will provide the chance to assess the latest political, economic and social changes, and business opportunities,in the country and across the EBRD region of operations.

• Get up-to-the-minute facts and forecast from the EBRD region of operations
• Take part in challenging and insightful discussions
• Network with policy-makers, business people and investors

For more info, please visit: http://www.ebrd.com/new/am/index.htm

More EBRD financing for businesses in Bosnia and Herzegovina

€20 million credit line for on-lending to small and medium companies
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The EBRD is boosting the availability of financing to the real economy in Bosnia and Herzegovina with a €20 million credit line to Intesa Sanpaolo Banka d.d. BiH , majority owned by Intesa Sanpaolo Group, for on-lending to small and medium enterprises (SMEs).
Intesa Sanpaolo Banka is the fourth largest commercial bank in Bosnia and Herzegovina, with a nationwide network and a growing portfolio. The EBRD credit line is part of the €100 million financing package provided by the EBRD to three of Intesa Sanpaolo Groups subsidiaries in eastern Europe.
The proceeds of the loan will be used to provide short, medium and longer-term financing to private businesses operating in Bosnia and Herzegovina in the form of investment loans, revolving credit facilities, leasing, factoring or other financing instruments.
The EBRD credit line will contribute to Intesa Sanpaolo Banka's continued investment in the growth of the real economy, of which SMEs are the lifeblood in Bosnia and Herzegovina. In addition, this transaction demonstrates that, in this difficult environment, the EBRD with its partner Intesa Sanpaolo remains committed to the country and the region and continues to invest, said Francis Malige, EBRD Director, Financial Institutions, Western Balkans, Belarus, Moldova and Turkey.
"This project is a continuation of the successful business cooperation between Intesa Sanpaolo Banka and the EBRD in financing projects in Bosnia and Herzegovina. In the current challenging environment, it is highly important for us as a bank to secure stable and long-term financing that would ensure efficient financial support to companies with good projects. The EBRD credit line will definitely make that possible", said Almir Krkali, CEO of Intesa Sanpaolo Banka d.d. BiH.

The EBRD facility offered to subsidiaries of the Intesa Sanpaolo Group also includes a €30 million credit line to Banca Intesa Beograd in Serbia and a €50 million to CIB Bank in Hungary. The investment is part of a joint pledge by the EBRD, the World Bank Group and the European Investment Bank (EIB) to provide €24.5 billion in support of the banking sectors in the region and to fund lending to businesses hit by the global crisis.

Since the beginning of its operations in Bosnia and Herzegovina, the EBRD has committed over €1.1 billion in various sectors of the countrys economy, of which 315 million in the financial sector.

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The EBRD, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies from central Europe to central Asia. Visit the EBRDs website: www.ebrd.com

Sarajevo International Airport upgrade

€25 million loan to help airport meet growing traffic

The EBRD is supporting the modernisation of Sarajevo International Airport with a €25 million loan to expand the airport's infrastructure and help it address capacity constraints. The loan is extended directly to Sarajevo International Airport and is guaranteed by the state of Bosnia and Herzegovina.

Sarajevo International Airport is the main gateway to Bosnia and Herzegovina, handling the majority of the international traffic flow. In recent years passenger traffic at the airport has increased significantly and continues to grow despite the economic downturn.

The EBRD loan will be used to finance the expansion of the passenger terminal, to build a new rapid runway and to expand the aircraft parking apron. The project will add close to 7,000 square meters to the current area of the passenger terminal of 10,000 square meters.

The expansion is supported by grant financing from the Dutch government, the Western Balkans Fund and EBRD Shareholder Special Fund of nearly €1 million. The grants will be used for tasks including preparation of the final design of the expanded passenger terminal and updating the corporate plan outlining the airport's future strategy.

The project will support greater commercialisation of the airport's activities and will facilitate implementation of the EU's Single European Sky initiative in Bosnia and Herzegovina, which involves gradual liberalisation of air traffic.

"We are pleased to support the expansion of the main airport in Bosnia and Herzegovina at a time when investment sources remain scarce. The upgrade of Sarajevo International Airport will improve the quality of air traffic movement stimulating further growth in passenger flow," said Sue Barrett, Director of the EBRD Transport Team.

Dragan Vrankic, Minister of Finance and Treasury of Bosnia and Herzegovina, added: "I am glad that this project relies primarily on the creditworthiness of the company for repayment of the loan. The project will also help us to test the new legal structure for financing of public utilities whereby, through direct loan agreement with international financial institutions, the utilities assume much more accountability and responsibility for all aspects of project implementation."

2This project is a result of the long-standing co-operation between the EBRD and Sarajevo International Airport. In addition to solving the airport's needs in light of the future growth, the expanded terminal building will provide much higher quality of services to the passengers, while improving the image of the country by offering it a modern gateway", said Bakir Karahasanovic, General Manager of Sarajevo International Airport.

Since the beginning of its activities in Bosnia and Herzegovina, the EBRD has committed over €1 billion to the country's economy, of which over a third has been in the infrastructure sector.

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The EBRD, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies from central Europe to central Asia. Visit the EBRD's website: www.ebrd.com