Programme for the Award of State Aid to Support the Maritime, Transport, Transport Infrastructure and Related Sectors in the Current COVID-19 Outbreak

Received by  June 30 2021


Issuing of state guarantees for and on behalf of the Republic of Croatia on new liquidity loans to address the problems caused by the crisis as a result of the COVID-19 outbreak.


HBOR for large undertakings and HAMAG-BICRO for SMEs, as agents of the Ministry of the Sea, Transport and Infrastructure (MSTI). The terms and conditions stated below relate to the Programme implemented by HBOR.

Total volume of guarantees

HRK 1,000,000,000 (HBOR and HAMAG-BICRO)

Guarantee coverage

The guarantee shall cover up to 90% of the underlying loan principal. Losses are sustained proportionally according to the amount of guarantee coverage and on the same conditions (pari passu) by the Lender and MSTI.

Target group/Borrowers

Large undertakings active in the maritime, transport, transport infrastructure and related sectors to mitigate the effects of the crisis caused by the COVID-19 outbreak on their business.

Lenders/Beneficiaries of guarantees

Banks in the Republic of Croatia that operate in accordance with the Credit Institutions Act and HBOR.

Duration of the Programme

Until 30 June 2021

Loan Collaterals

HBOR will not require the Lender to obtain special collaterals other than those determined by the Lender’s decision, i.e. those that the Lender will arrange under the loan contract. In the recovery, inflows from all collaterals arranged under the loan contract will be shared between the Republic of Croatia and the Lender pro rata in accordance with the level of guarantee coverage (maximum 90:10).

Guarantee Issuance Process

1. The Borrower submits to the Lender an application for approval of a loan with the HBOR guarantee
2. The Lender submits to HBOR the Decision on loan approval, the guarantee application and the prescribed documentation
3. HBOR and MSTI make a decision on guarantee
4. In case of making of a favourable decision on guarantee:
  • The Borrower concludes the loan contract with the Lender and provides collaterals as security for loan repayment
  • The Borrower submits to HBOR a copy of the loan contract
  • HBOR concludes the guarantee agreement with the Lender and the Borrower
  • An invoice for the guarantee premium is delivered to the Borrower. The guarantee premium is charged in accordance with the Programme
  • The Borrower may pay the guarantee premium from the first disbursement of the loan, otherwise the guarantee shall take effect only after the Borrower has paid the premium
  • HBOR notifies the Lender that the guarantee premium has been paid by the Borrower
  • The Lender provides the loan funds

Recovery under the guarantee

The recovery is managed by the Lender for the entire claim (its own claim and the claim of the Republic of Croatia) that will be shared between the Republic of Croatia and the Lender pro rata in accordance with the level of guarantee coverage (maximum 90:10).

Special features of each of the Programme measures

  Measure A, section "3.1 Limited amounts of aid" Measure B, section "3.2 Aid in the form of guarantees on loans"
Total amount of guarantees (HBOR and HAMAG) HRK 300,000,000.00 HRK 700,000,000.00
Maximum amount of guarantee per Borrower EUR 800,000.00 For loans with maturity until 31 December 2020 and after that date, the minimum guarantee amount shall exceed EUR 800,000.00 and the maximum loan amount per Borrower shall not exceed: - double annual wage of the Borrower (including social charges as well as the cost of personnel working on the undertaking’s site, but formally in the payroll of subcontractors) for 2019, or for the last year available. In the case of undertakings created on or after 1 January 2019, the maximum loan amount must not exceed the estimated annual wage bill for the first two years of operations or - 25% of the Borrower’s total turnover in 2019
Loan maturity Minimum 1 year, maximum 5 years, from the loan contract execution date to the loan repayment final deadline. Maximum 6 years, from the loan contract execution date to the loan repayment final deadline.
Guarantee fee 0.2% on nominal (net) amount of guarantee, regardless of the guarantee duration and the guarantee coverage. On nominal (net) amount of guarantee, 50 basis points in the first year of guarantee duration, 100 basis points from the second to the third year, 200 basis points from the fourth to the sixth year



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