Loan Programme for the Financing of Projects of Environmental Protection, Energy Efficiency and Renewable Energy Resources


1. Final Borrowers


  • Units of local and regional government
  • Utility companies
  • Companies, craftsmen, other legal entities


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


I. Fixed assets  

  • initial funding
  • land plots
  • buildings
  • equipment and devices


II. Permanent working capital  

  • up to 30% of the total loan amount



3. Manner of Implementation


  • financing borrowers via commercial banks
  • direct lending
  • risk-sharing model – small and medium enterprises
  • risk-sharing model
  • subordinated debt


4. Loan Amount, Disbursement Period and Repayment


The amount of loan amount is not limited  

  • it depends on HBOR’s financing capabilities, the investment project, the creditworthiness of the borrower and quality of security offered; generally, loan applications lower than HRK 100,000.00 shall not be considered.
  • loans are approved in HRK and are indexed to foreign currency.



HBOR finances up to 75% of the estimated investment value, VAT not included. Exceptionally, HBOR may finance up to 100% of estimated value, VAT not included for units of local and regional government and utility companies in their ownership. HBOR can, in certain cases, consider a possibility of financing the estimated investment value with VAT.


Disbursement period  

  • up to 12 months


Grace period  

  • up to 3 years


Repayment period  

  • up to 14 years, grace period included



5. Interest


4% p.a.


As an exception, in the case of financing projects exceeding HRK 37 million, HBOR reserves the right to approve loans at a higher interest rate in accordance with the available funding sources.


Depending on the capabilities of the final borrower in obtaining the right to the award of de minimis aid, loan comes with a general interest rate that is determined at least in the amount of reference or by stimulating the interest rate or the effective interest rate below the reference.


As an exception, in the case of financing renewable energy resource projects where project implementing entities have the status of preferential electricity producers, the interest rate granted is at the level of the general interest rate based on the reference interest rate, however at least at the level of the interest rate prescribed in the loan programme. In the case of financing renewable energy resource projects under the risk sharing model where project implementing entities have the status of preferential electricity producers, the interest rate granted can be at the level of the interest rate of the commercial bank.


Interest rate is variable based on the Decision of HBOR’s Managing Board and pursuant to the criteria of the HBOR’s Decision on Interest Rates and the Interest Calculation Regulations.
Interest rates offered by HBOR for direct lending or for on-lending through commercial banks in accordance with the Public Procurement Act at public biddings for loan quotas are fixed and invariable.
Interest rate can be agreed as the 3-month EURIBOR +2% b.p. annually as variable interest rate indexed to market reference rate (3m EURIBOR) increased by a fixed margin.


Remark : If an investment meets the acceptability criteria of the Environmental Protection and Energy Efficiency Fund (Purposes and procedures eligible for the approval of funds of the Environmental Protection and Energy Efficiency Fund can be downloaded from the website of the Fund: http://www.fzoeu.hr/) and if the Fund approves interest rate subsidy, the above interest rate shall be reduced by 2%, i.e. by the amount of the approved subsidy.


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 shall accept:


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


Where loans are on-lent via commercial banks, final borrowers negotiate collateral with commercial banks.


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


  1. Addiko Bank d.d., Zagreb (RS SME); (RS)
  2. Banka Kovanica d.d., Varaždin
  3. Croatia banka d.d., Zagreb
  4. Erste & Steiermärkische bank d.d., Rijeka (RS SME); (RS)
  5. Hrvatska poštanska banka d.d., Zagreb (RS SME); (RS)
  6. Istarska Kreditna banka Umag d.d., Umag (RS SME)
  7. Karlovačka banka d.d., Karlovac
  8. Kentbank d.d., Zagreb
  9. Kreditna banka Zagreb d.d., Zagreb
  10. OTP banka Hrvatska d.d., Zadar (RS SME); (RS)
  11. Partner banka d.d., Zagreb
  12. Podravska banka d.d., Koprivnica (RS SME); (RS)
  13. Privredna banka Zagreb d.d., Zagreb (RS SME)
  14. Raiffeisenbank Austria d.d., Zagreb (RS SME); (RS)
  15. Sberbank d.d., Zagreb (RS SME); (RS)
  16. Slatinska banka d.d., Slatina (RS SME); (RS)
  17. Société Générale-Splitska banka d.d., Split (RS SME)
  18. Štedbanka d.d., Zagreb
  19. Vaba d.d. banka Varaždin, Varaždin
  20. Zagrebačka banka d.d., Zagreb (RS SME); (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 SME are marked by acronym RS SME; those that have been included also into the financing under the risk-sharing model are marked by acronym RS.



More detailed information ralating to this programme can be obtained at:
HBOR, Strossmayerov trg 9, 10000 Zagreb
Phone: +385 1 / 4591 666
E-mail: kreditiranje@hbor.hr