ZAGREB, January 22, 2018 - The European Commission on Monday cleared rescue aid for Croatia's shipbuilder Uljanik in the northern Adriatic city of Pula.
"The European Commission has found Croatian plans to grant Uljanik shipyard a State guarantee for a 96 million euro loan are in line with EU state aid rules. The measure will allow the company to meet urgent liquidity needs while preparing a restructuring plan, whilst competition distortions are limited," a press release said.
The Croatian government authorised the Finance Ministry on 11 January to issue a state guarantee amounting to 96 million euro in favour of the Croatian Postal Bank and/or other commercial banks in the country and abroad for a loan to rescue Uljanik. The guarantee was to become active upon approval by the European Commission.
