If you are an exporter and you need a loan for the financing of liquidity because you are facing difficulties caused by the disruption in the economy resulting from the Russian aggression against Ukraine, you can apply for a loan from your bank with up to 90 percent coverage of principal loan repayment under the Programme for the Portfolio Insurance of Liquidity Loans for Exporters – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine implemented by HBOR as an insurer for and on behalf of the Republic of Croatia as one of the measures to provide support to the economy (hereinafter: the Insurance Programme).
TO WHOM IS THE INSURANCE PROGRAMME INTENDED?
Entities performing business activities (except for the activities excluded by chapter 3.1. of HBOR’s General Eligibility Criteria), regardless of their legal form, that are registered in the Republic of Croatia and meet, among others, the following conditions:
- are not subject to EU sanctions,
- are not in difficulties,
- have encountered difficulties in operations as a consequence of the disruption in the economy caused by the Russian aggression against Ukraine,
- have generated at least 10% of their operating income from export revenues in 2021 or in the latest year for which company’s official annual financial statements are available (exporter)
have generated more than 50% of their operating income from accommodation revenues in 2021 or in the latest year for which company’s official annual financial statements are available, where the share of realised overnight stays of non-residents of the Republic of Croatia in the total number of overnight stays in that year is at least 30% (exporter)
have generated at least 20% of their operating income from revenues in cooperation with one or more exporters referred to in the above paragraph in 2021 or in the latest year for which that company’s official annual financial statements (exporter’s supplier) are available and
- are not majority-owned by the state (50% and more).
WHAT ARE THE ADVANTAGES OF THE INSURANCE PROGRAMME?
- Up to 90% insurance for the principal of exporter’s liquidity loan,
- if the coverage is lower than 90%, the insurance may also cover the contracted interest (regular interest, interest during disbursement and grace periods),
- Bank is secured against non-performance of obligations under the loan contract.
The Insurance Programme is available to all credit institutions established in the Republic of Croatia (headquarters or subsidiary) that operate in accordance with the Credit Institutions Act, and to HBOR as the creditor.
For each loan insured under the Insurance Programme, HBOR as the insurer charges insurance premium from the bank as the insured. Borrowers have the opportunity to use subsidies for insurance premiums in accordance with the Insurance Premium Subsidy Programme – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine PSP-UKR-02/22.
Programme for the Insurance of Loan Portfolio – Ukraine
Programme for Subsidising of the Insurance Premium – Ukraine
Insurance Programme is implemented via banks with which HBOR as the insurer has concluded the Portfolio Insurance Agreement, the constituent parts of which are, among others, the Insurance Programme and the General Terms and Conditions prescribing the rights and obligations of the bank as the insured and HBOR as the insurer.