1. Final Borrowers


  • companies registered in the Republic of Croatia
  • legal entities registered in third countries (particularly in the so-called “flag of convenience” countries)


Pursuant to the Conflict of Interest Prevention Act (Official Gazette of the Republic of Croatia Nos. 26/11, 12/12, 126/12, 57/15), restrictions are in force on lending to business entities whose ownership interests are owned by public officials and their family members. The provisions of these restrictions are deemed a constituent part of HBOR loan programmes. The full wording of the restrictions can be found at: Restrictions on Lending to State Officials.


2. Purpose of Loans


Fixed assets:
  • modernisation and reconstruction of vessels
  • purchase of new vessels


3. Manner of Implementation


  • via commercial banks
  • risk-sharing model


4. Loan amount, Disbursement Period and Repayment


Loan amount  

  • maximum loan amount is not limited and it depends on HBOR’s financing capabilities, the investment project, the creditworthiness of the final borrower, the value and quality of security offered
  • loans are generally approved in HRK and are indexed to foreign currency, in EUR or another currency in accordance with HBOR’s possibilities
HBOR generally finances up to 75% of the estimated investment value, VAT not included. In the case of lending in accordance with the OECD consensus rules, HBOR generally finances up to 85% of the estimated value, VAT not included. HBOR can, in certain cases, consider a possibility of financing the estimated investment value with VAT.
Disbursement period  

up to 24 months


Grace period  

up to 6 months from the commissioning of the vessel


Repayment period  

up to 12 years, grace period included



5. Interest


  • Depending on HBOR’s borrowing costs, at least the general interest rated based on the interest reference rate.
  • Under the risk sharing model, the interest rate can be defined as the commercial banks interest rate.
  • In the case of lending in accordance with the OECD consensus rules, the interest rate cannot, on the contract signing date, be lower than the international minimum interest rates: Commercial Interest Reference Rate (CIRR) for the export contract currency.


6. Loan Application Fee


0.8% one-off, charged on the committed loan amount


7. Commitment Fee


0.25% p.a., charged on the undisbursed loan amount, starting 30 days after the loan contract date


8. Security


For securing due fulfilment of loan obligations, HBOR accepts:


  • bills of exchange and debentures
  • pledge of property of transfer of fiduciary title to property supported by property insurance policy endorsed in favor of HBOR
  • bank guarantees
  • guarantees issued by HAMAG-BICRO-a
  • other customary security in the banking operations


Final borrowers negotiate collateral with their commercial banks.


9. Commercial banks Co-operating with HBOR on the Loan Programme


  1. Addiko Bank d.d., Zagreb (RS)
  2. Erste & Steiermärkische bank d.d., Rijeka (RS)
  3. Istarska kreditna Banka Umag d.d., Umag
  4. KentBank d.d., Zagreb
  5. OTP Banka Hrvatska d.d., Zadar (RS)
  6. Privredna Banka Zagreb d.d., Zagreb
  7. Raiffeisenbank Austria d.d., Zagreb (RS)
  8. Societe Generale – Splitska Banka d.d., Split
  9. Zagrebačka Banka d.d., Zagreb (RS)


The aforementioned commercial banks have been included into the financing through commercial banks.

Those commercial banks that have been included also into the financing under the risk-sharing model are marked by acronym RS.


More detailed information can be found in the complete wording of the Loan Programme or at:
HBOR, Strossmayerov trg 9, 10000 Zagreb
Phone: +385 1 /45 91 666