May the 23rd, 2021 - HBOR representatives have been busy touring a highly successful Rijeka project which it has supported with both capital investments and export activities for years.

As Poslovni Dnevnik writes, HBOR representatives, together with the leaders of JGL visited the works on the construction of the Integra 2020 project recently, they also toured its warehousing capacity, which includes three units - one for research and development, one for commercial production and one logistics centre.

"HBOR has been successfully supporting us in capital investments and export activities for many years, recognising us as a company with an international vision, and this is also an opportunity to thank them for our strong cooperation. After supporting the investments in JGL Pharma Valley, Integra 2020 was financed mostly from a long-term loan from HBOR in the amount of 280 million kuna,'' said Mislav Vucic, Executive Director of JGL.

The new investment project will enable the company to increase its capacity of sterile production by as much as 60 percent and significantly raise the development and technological competence of the company and its global competitiveness for further international growth in the planned horizon of one decade.

"JGL is one of the flagships of the Croatian economy, a company that has shown that Croatian businesses can be technological innovators and strong exporters to international markets, in an industry that requires extremely sophisticated products. I'm looking forward to HBOR being part of the growth and development of JGL. I'm convinced that we'll continue to cooperate with JGL and provide support for their new successes by lending and insuring exports,'' said Hrvoje Cuvalo, a member of the Management Board of HBOR, who was among the HBOR representatives visiting the site.

"The role of the Croatian Government and HBOR in terms of encouraging exporters and production companies with the aim of strengthening the competitiveness of the Croatian economy is extremely important. I'm proud that at JGL, despite the coronavirus crisis, are successfully continuing with investments that are an investment in our future, and with which we're striving for further steps in the global health market. It's especially important that the Integra 2020 project, through new research and development capacities, will enable even stronger networking with the scientific and teaching sector, as well as strengthening the platform for further growth of our country in the field of pharmaceutical and biotechnological development,'' concluded JGL's Ivo Usmiani.

KBC Rijeka - The construction of a new hospital for mothers and childern in Susak

The group of HBOR representatives also visited the Rijeka Clinical Hospital Centre and the construction of the new hospital in Susak, for which HBOR, in cooperation with the CEB and the EIB, approved a loan in the total amount of 750 million kuna.

At the Susak site of KBC Rijeka, work on the construction of a new Rijeka Hospital for mothers and children is in full swing, having started back in September 2019. The new complex will combine all hospital facilities currently located at Kantrida with the Clinic for Gynaecology and Obstetrics and new laboratory facilities.

This project is a significant step forward in relocating hospital units to a unique location, and patients will no longer have to travel up to five kilometres between different hospital facilities of the Rijeka Clinical Hospital.

“The construction of a new hospital in Rijeka is the largest investment from the government in the healthcare system since the founding of the Croatian state. Regardless of all of the difficulties, the works are being implemented more quickly than was initially planned, and the completion of the works is expected in the first half of 2022. If we receive the support of the government as we have done before, we'll be ready for the next investments in the second half of 2022,'' said Zeljko Plazonic, MD, of KBC Rijeka.

"The investment of KBC Rijeka in the construction of a new hospital in Susak will directly affect 600 thousand citizens who gravitate to the Rijeka hospital and hundreds of thousands of others who spend their holidays in this area. That's why I'm extremely glad to have the opportunity to participate in the improvement of healthcare infrastructure that will provide patients, medical and university staff of the Clinical Hospital Center Rijeka with greater comfort, an increased quality of services and numerous technological and clinical improvements,'' stated Hrvoje Cuvalo of HBOR.

"With the completion of the new hospital project, KBC Rijeka will receive a quality, modern and efficient healthcare service to be able to offer to the residents of the three counties who use the services of the Rijeka hospital," added prof. dr. sc. Alen Ruzic, the director of KBC Rijeka.

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May the 6th, 2021 - HBOR (Croatian Bank for Reconstruction and Development) supported Croatian enterprises throughout the coronavirus-dominated year of 2020 with almost eight billion kuna.

As Novac writes, throughout 2020, the Croatian Bank for Reconstruction and Development held Croatian companies up with an enormous amount of money, around 8 billion kuna, which is 13 percent more than was needed back in pre-pandemic 2019, as was announced in the audited annual financial report issued by HBOR for last year.

In total, HBOR supported more than 1,800 projects of Croatian enterprises back in 2020, and last year, HBOR approved 43 percent of the total amount of loans granted by banks in Croatia to business entities under the COVID-19 measures. In order to mitigate the consequences of the ongoing pandemic, HBOR put almost half of its total gross loan portfolio in a moratorium that companies could access and use for a period of up to 16 months, the Croatian Bank for Reconstruction and Development announced.

HBOR's operations during 2020 were marked by activities related to mitigating the negative consequences of the COVID-19 pandemic on the operations of Croatian businesses, and back at the end of March 2020, the very first COVID-19 measures for preserving the liquidity of such companies and jobs were adopted.

''2020 was exceptionally challenging for us, both because of the pandemic and because of the earthquake that severely damaged our headquarters. In such a year and in such changed working conditions, HBOR approved as much as 43 percent of all COVID loans across Croatia. This share is especially pronounced if we take into account the fact that HBOR has only 2 percent of the employees and 6 percent ofthe  assets in the whole banking system,'' said the President of the Management Board of HBOR, Tamara Perko on the occasion of the publication of their annual report.

Under the COVID-19 measures, Croatian business owners were given the opportunity to use the aforementioned moratorium for up to 16 months and to reschedule their existing obligations. During the approved moratorium, HBOR didn't charge their clients regular interest rates or fees, and clients were allowed to use the moratorium despite the fact that HBOR was still obliged to regularly settle its obligations to creditors without the possibility of using the moratorium itself.

The offered possibility of using the moratorium was accepted by clients for more than 1,600 approved loans.

Within the general scope of the COVID-19 measures, HBOR, both directly and in cooperation with commercial banks, provided loans to domestic business owners at an interest rate of as little as 0 percent without the usual fees. By the end of 2020, under lending programmes under those same COVID-19 measures, HBOR approved almost 1.3 billion kuna in loans, which is 43 percent of the total amount of loans granted to Croatian businesses under the COVID-19 measures during 2020.

In order to encourage commercial banks to grant new liquidity loans to companies, HBOR introduced new ways of securing loans as part of the COVID-19 measures and issuing guarantees that assume up to 90 percent of the risk of loan repayment. In addition to HBOR's insurance, banks granted 1.24 billion kuna in liquidity loans to companies back in 2020.

The largest users were small and medium-sized enterprises, and exporters were supported by 4.7 billion kuna

In addition to approvals issued under the COVID-19 measures, HBOR continued to implement all its existing lending programmes for investments and working capital and financial instruments, export credit insurance programmes and encouraging the development of the venture capital market, as well as other similar activities.

Due to the circumstances caused by the coronavirus pandemic, 2020 was marked by the use of moratoriums and loans to maintain corporate liquidity. However, even in these conditions, more than 50 percent of HBOR's approvals were intended for investments. The share of approved loans for investments is important because they represent investments that are focused on the development of one particular area, increasing the competitiveness of businesses, investments in new technologies and production, and new employment.

The most numerous beneficiaries of HBOR's loans in 2020 were small and medium-sized Croatian enterprises, to which 1,168 loans were approved, ie 88 percent of the total number of approved loans during 2020. Last year, HBOR supported Croatian exporters in more than 800 projects with a total amount of almost 4.7 billion kuna.

Capital investment market development

A series of analyses indicate that, due to the poorly developed risk and equity capital market, Croatian micro, small, medium and medium capitalised companies face the challenge of finding appropriate sources of financing. For this reason, HBOR has recently launched a number of initiatives to develop this market in order to provide adequate resources to help the growth of entrepreneurial activities.

During 2020, two new venture capital funds started operating within the CROGIP programme and preconditions were created for the start of the third, and through the VC fund Fil Rouge Capital (FRC2), which was established back in 2019 with HBOR's support. Due to the consequences of the ongoing pandemic, the need for funds for investment in risk or quasi-risk capital is expected to increase further, and HBOR's activities will continue in the same sense in the future.

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ZAGREB, 27 April, 2021 - Prime Minister Andrej Plenković said on Tuesday that at the moment he did not see that former minister Gabrijela Žalac, an official of the Croatian Democratic Union (HDZ), is guilty of anything after the USKOK anti-corruption office expanded its investigation in the windpark scandal.

"I read the press release for my information. Our judicial bodies are independent. You are aware of our position - we have zero tolerance to corruption. I don't what is behind that and I cannot deduct from the press release what exactly it has to do with," Plenković told reporters during a visit to Split-Dalmatia County.

I don't have any information about what USKOK and the State Prosecutor (DORH) are doing.

What he does know is that the loan in question was approved, as far as he is aware, in accordance with the Croatian Bank for Reconstruction and Development (HBOR) rules.

"We have to see here what this is about exactly. At the moment I don't know nor do I have any detailed information of what USKOK or DORH are working on. She is a member of the HDZ. At the moment I don't see that she is guilty of anything," said Plenković.

He claimed that he saw Žalac about a month ago but they did not discuss the windpark case.

"She will deal with this situation on her own and as far as our relationship is concerned, it is as it was in any case," underscored Plenković.

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March the 27th, 2021 - Croatian businesses are set to get another very welcome cash injection of 200 million euros, but for the first time in the pandemic, HBOR will be the one which also needs to fulfill certain requirements.

As Poslovni Dnevnik/Marija Brnic writes, another 200 million euros will be available to Croatian businesses for favourable loans to provide liquidity in these continued difficult business conditions due to the coronavirus pandemic, which the Croatian Bank for Reconstruction and Development (HBOR) will receive through a loan from the International Bank for Reconstruction and Development (IBRD).

At a recently held session, the Croatian Government gave approval to Finance Minister Zdravko Maric to conclude an agreement with the IBRD on this arrangement, and the state will be a joint guarantor for HBOR's loan, which will be agreed for a repayment period of 30 years.

The project intends to use the largest part of the money for business loans for working capital, while another part of it, up to a maximum of 30 percent, would be directed to help in the financial restructuring of Croatian companies.

The loans would be intended for small and medium-sized Croatian businesses, in majority private ownership, primarily to exporters, with the inclusion of the so-called quasi-exporters, ie enterprises from the service sector of tourism and logistics, on whose business the ongoing coronavirus crisis left a negative mark, but they still managed to maintain financial sustainability.

Croatian businesses with poor access to capital and in less developed regions will have an advantage in accessing these loans, as will companies in which women are the owners or managers. The focus will also be primarily placed on younger companies, which have been on the market for less than five years.

The development bank says it will approve loans to Croatian businesses after a contract with the IBRD is concluded soon, and the conditions under which companies will have access are equal to those of standard working capital loan programmes.

What is specific when it comes to this particular new arrangement is the provision that out of 200 million euros, 120 million euros will be immediately available to Croatian businesses, while the remaining 80 million euros will be disbursed and disbursed by HBOR only after it meets certain additional conditions prescribed by the IBRD, which are related to strengthening the institutional capacity of HBOR as a development bank.

What the definition of HBOR's institutional strengthening encompasses will be made public after the IBRD announces the conclusion of its arrangement with HBOR.

However, this is, as was laid out in the government decision, the first time that such conditions are being incorporated into the Financial Intermediation Project for the institutional strengthening of HBOR, and the financing of activities to meet these conditions, as stated in the decision, is provided from EU structural funds and the European Commission's Directorate-General for Structural Reform Support, as well as from HBOR's own resources.

Finance Minister Zdravko Maric stated that he expects that this credit line to help Croatian businesses which have continued to be burdened with liquidity problems and it will also have a positive impact on commercial banks and encourage their stronger lending activity in monitoring the domestic economy, adding that he expects an additional 80 million euros to come in.

In using the funds set out by this credit arrangement, the Croatian Bank for Reconstruction and Development will be able, with the exception of doing so through models of co-financing with commercial banks and lending through them, to approve loans directly, but only for Croatian businesses operating in less developed regions, a maximum of 25 percent of the loan amount, according to market principles.

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March the 3rd, 2021 - The Croatian HBOR and the European Investment Bank (EIB) are set to take things up a notch and strengthen their cooperation amid the ongoing pandemic.

As Poslovni Dnevnik/Ana Blaskovic writes, the Croatian Bank for Reconstruction and Development (HBOR) has signed an agreement with the European Investment Bank on financing the development and implementation of investment advisory services worth more than 670 thousand euros in total.

The Croatian HBOR thus received the support of the European Investment Advisory Hub (EIAH), which will enable it to strengthen the capacity of its advisory services and technical assistance to the public sector, primarily local and regional units with an emphasis placed on underdeveloped areas. Up to 0.5 million euros are financed by this EIAH grant, and the remaining part will be financed by the Croatian HBOR.

The Development Bank announced that the project is set to continue to support quality preparation and the development of projects for their more successful implementation while reducing actual costs to investors. The activities envisage a wide range of services to strengthen the capacity of the public sector in structuring sustainable and cost-effective projects, realising investments in the field of environmental protection and management, resource efficiency, the circular economy, smart cities and social infrastructure.

"By providing support to clients from the public sector in the development and structuring of investments and preparation of the necessary documentation, weĺl manage to increase the success of their implementation and the possibility of financing through the use of European Union (EU) funds," said the Croatian HBOR´s Tamara Perko in a statement. She added that the main goal of this team up is to increase the quality and volume of sustainable public investments and contribute to more balanced development, which is one of the strategic goals of HBOR overall.

"After the pandemic, it is now even more important to make our knowledge and experience available to local partners to help them achieve a sustainable form of recovery through advice in preparing quality projects for funding offered by our two institutions and European Union funds available in the new Multiannual Financial Framework," explained EIB Vice President Dario Scannapieco.

The Croatian HBOR's strategy for the period between 2020 and 2024 identifies five strategic goals, including the promotion of balanced and sustainable regional, rural and urban development across the Republic of Croatia.

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As Zlatko Simic/Novac writes on the 18th of December, 2020, joint cooperation between the Ministry of Agriculture and HBOR in the middle of this year introduced a new financial instrument called ''Working capital for rural development" which provided favourable HBOR loans and funds for lending liquidity to Croatian farmers and processors of agricultural products, as well as entities operating in the forestry sector affected by the ongoing pandemic.

Business difficulties caused by the coronavirus epidemic are proven by one of the ten criteria, including reduced demand or the possibility of product placement, an increase in production costs or the inability to carry out agro-technical measures in a timely manner.

Working capital HBOR loans are approved directly at an interest rate of 0.5 percent, and loan users are exempt from all fees normally charged when approving loans.

Documentation needed for this HBOR loans

The loan amount can be from 190 thousand to 1.52 million kuna, the funds have been approved for a period of up to five years, including a grace period of up to 12 months.

Applications for these HBOR loans can be submitted by entities registered as family farms (OPG) in the VAT system, a trade (obrt) registered to perform an agricultural activity, a company or cooperative, including producer organisations. The documentation required for processing can also be submitted electronically, and the processing of loan applications is further simplified and accelerated.

HBOR loans can be used for working capital required for the smooth running of production and financing of current operations (the preparation of production, the purchase of raw materials, other production costs, labour costs, the settlement of trade payables and other general operating expenses).

These HBOR loans will also be available in 2021

Existing credit liabilities to commercial banks and other financial institutions cannot be settled with these funds.

The total amount of funds intended for these loans is 130 million kuna, and so far, HBOR loans in the amount of more than 70 million kuna have been approved. The funds will continue to be available during 2021, and interested beneficiaries can still apply for a loan that they can use, for example, to finance spring sowing or planting, production and processing.

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ZAGREB, November 20, 2020 - The European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR) have signed a new, €142.5 million loan agreement to  support small and medium enterprises (SMEs) in Croatia, the two financial institutions said on Friday.

This is the second tranche of a package worth a total of €400 million. It is part of the EIB's youth employment initiative under which companies that hire young people are granted loans under more favourable terms.

The initiative addresses the issue of youth unemployment as one of the biggest social and economic challenges faced by Croatia and Europe.

The loan is intended for SMEs requiring funds to maintain cash flow and jobs and for further investment to ensure faster recovery from the consequences of the coronavirus pandemic, HBOR Board President Tamara Perko said.

This agreement is yet another confirmation of our good cooperation with the EIB and will provide us with an additional source of affordable lending and make it possible for us to further lower interest rates on loans to businesses employing people of up to 30 years of age, she added.

EIB Vice-President Dario Scannapieco said that the EIB continued to support faster growth and development of the Croatian economy, this time through support for SMEs.

This is the second transaction signed since the outbreak of the coronavirus pandemic in March, providing a total of €240 million for favourable loans to Croatian SMEs and mid-caps, he said.

Last month the EIB and HBOR signed a €100 million credit line for Croatian SMEs and mid-caps affected by the COVID-19 crisis. 

To date the EIB has supported the economic and social development of Croatia by investing €6.71 billion in the most important sectors of the national economy. Another key component of EIB activities in Croatia is support for SMEs and mid-caps through the creation of long-term financing options in cooperation with local financial institutions. To date the EIB has supported Croatian SMEs by unlocking new sources of finances worth close to €3.75 billion.

As Novac writes on the 9th of July, 2020, the Croatian Bank for Reconstruction and Development (HBOR) has extended the repayment period of "COVID-19" working capital loans from three to five years in order to facilitate the operations of Croatian businessmen, according to HBOR.

"Due to the still difficult business conditions being experienced by Croatian businesses, and in order to facilitate business and the repayment of credit obligations, HBOR has extended the repayment period under the Working Capital Programme Measure ''COVID-19'' to five years, including the possibility of using a grace period of up to one year," reads the bank's statement on the matter.

An interest rate as low as 0% on HBOR's share in the loan

In addition to a longer repayment period, the advantage of this programme is the interest rate of 0% on HBOR's share in the loan for the first three years of repayment (the interest rate depends on the regulations on the allocation of state aid). HBOR's share in the loan isn't subject to a fee for processing the request, nor is there a fee for reserving funds. Borrowers can be private and public sector entities but they both need to prove the negative consequences caused by the COVID-19 epidemic (meaning they need to obtain a COVID score). The request for these funds can be submitted to one of the fourteen banks with which HBOR has agreed cooperation under this particular programme. The lowest loan amount that can be requested from HBOR's sources is 1 million kuna, and the second part of the loan is then approved from a commercial bank source. For loans larger than 37 million kuna, direct loan approval is possible.

Lower interest rates were provided through 8 banks

Business owners can also request favourable liquidity funds from HBOR sources through 8 banks with which this development bank concluded framework loan agreements back in May. In this way, 1.2 billion kuna was made available to Croarian business ownders for new liquidity loans, which are granted at interest rates reduced by 0.75 percentage points compared to regular loans, thanks to HBOR's sources. The lowest loan amount that can be requested is not limited, and the highest is 35 million kuna.

300 million kuna has already been approved for businesses operating in the tourism industry

Until June the 5th, 2020, small and medium-sized enterprises from the Croatian tourism industry could apply directly to HBOR for a working capital loan at an interest rate of as little as 0%. To date, more than 550 applications have been received, half of which have already been processed, and loans totaling almost 300 million kuna have already been approved.

Working capital for rural development with an interest rate of 0.5%

Loans under the Working Capital for Rural Development programme in the amount of 190,000 kuna to 1.52 million kuna are approved by HBOR directly, without any accompanying fees, with an interest rate of 0.5% and with promissory notes as the only collateral.

HBOR assumes 50% of the risk for liquidity loans granted to exporters and indirect exporters

In addition to favourable loan funds, HBOR also introduced the Export Liquidity Loan Portfolio Programme. HBOR provides 50% of the amount of principal and interest on approved loans that banks include in their portfolio and as such, this enables the faster and easier approval of new funds to preserve the liquidity of exporters and indirect exporters.

An extended moratorium for all clients

HBOR has directly enabled all clients to whom a loan has been approved to use the moratorium for up to a total of 7 months (until the 30th of September, 2020), or for up to 10 months for those who have a positive COVID score (until the 31st of December, 2020). Clients engaged in tourism are allowed to use the moratorium for up to 16 months, more precisely until June the 30th, 2021, according to their statement.

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HBOR will send a direct notification to the the beneficiaries of its direct loans on the conditions for extending the moratorium and the consent form that the loan beneficiaries will need to submit to HBOR.

As Poslovni Dnevnik writes on the 2nd of July, 2020, since business of varying kinds is still affected by the coronavirus epidemic, HBOR has extended its moratorium. All of HBOR's clients are allowed to use the moratorium for up to seven months, ie until the 30th of September, 2020. For clients who have a positive COVID score according to the FINA methodology (or can otherwise prove a decline in their income) it is possible to use the moratorium for up to ten months, ie until the 31st of December, 2020. Clients engaged in tourism are allowed to use the moratorium for up to sixteen months, ie until the 30th of June, 2021.

In March, in order to reduce the negative consequences of the COVID-19 epidemic, HBOR made it possible for its clients to reschedule loans and use the moratorium until the 30th of June, 2020, with the announced possibility of extension.

''The use of the moratorium, which we made possible as a first measure, has so far been accepted by almost 1,500 clients. Since Croatian businesses are still suffering from the economic consequences of the epidemic, and given the still difficult working conditions, it was possible to extend the moratorium and introduce new conditions for the repayment of due obligations,'' said Tamara Perko, President of HBOR.

As stated, HBOR will send a direct notification to its direct loan beneficiaries on the conditions for extending the moratorium and the consent form that the loan beneficiaries will need to submit to HBOR.

Liabilities under the loan principal covered by the moratorium will be repaid by the clients through an appropriate extension of the repayment period.

Clients who have been granted a HBOR loan through a commercial bank or a risk-sharing model, as well as those who use HBOR financing through leasing companies, should submit a request for a moratorium to their commercial bank or leasing company.

The rescheduling of credit obligations up to sixteen months

In addition to the moratorium, by introducing a measure of rescheduling existing credit obligations, HBOR enabled those using the service to extend the terms of use and the repayment of loans. For reprogramming up to six months, beneficiaries are exempted from paying the usual fees.

Liquidity loans - interest rates as low as 0% and possible insurance of 50% of the loan amount

Those beneficiaries also have favourable HBOR funds for liquidity lending at their disposal, which are approved in cooperation with commercial banks or directly for businesses from certain industries.

Individuals/businesses can apply for loans for working capital through banks according to the risk-sharing model with banks (through the working capital loan programmes Working capital Measure COVID-19 and Working capital for entrepreneurs in wood processing and furniture production) and through framework loans to banks. Funds under the risk-sharing model are approved with an interest rate of as little as 0% on half of the loans from HBOR sources, and liquidity loans based on framework loans to banks boast an interest rate lower by 0.75 percentage points when compared to the regular one.

Working capital loans for rural development are approved directly by HBOR, as are loans for businesses working in tourism for which applications were received by the 5th of June, 2020. By that date, HBOR received a total of 556 applications, half of which have already been processed, and loans in the total amount of more than 250 million kuna have already been approved.

In addition to favourable loan funds, HBOR has introduced a new loan portfolio insurance programme for exporters' liquidity. This programme enables the faster and easier approval of new funds to preserve the liquidity of exporters and indirect exporters.

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As Novac writes on the 29th of May, 2020, the Ministry of Agriculture and HBOR have prepared a new financial instrument called ''working capital for rural development", for which 130 million kuna has been provided, and loans will be approved directly by HBOR, with an interest rate of 0.5 percent, while users will be exempt from having to pay all fees.

This is a new programme for lending liquidity to farmers and processors of agricultural products and entities operating in the forestry sector whose business is being negatively affected by the ongoing coronavirus pandemic, the Ministry of Agriculture and the Croatian Bank for Reconstruction and Development (HBOR) point out in their separate statements.

These loans will be approved directly by HBOR at a welcome interest rate of 0.5 percent, and loan users are exempt from needing to pay all fees normally charged upon approval (for example, fees for processing a loan application, for reserving funds, etc) as well as fees for the alteration of credit conditions, including early loan repayment fees.

Loan applications will be able to be submitted to HBOR as of Monday, June the 1st, 2020. The minimum loan amount stands at 190,000 kuna and the maximum is 1.52 million kuna.

These funds are approved for a period of up to five years (including a grace period of up to twelve months), or up to three years (including a grace period of up to six months) for loans in the amount of 760 thousand kuna or less.

The Ministry of Agriculture has pointed out that this new instrument will provide liquidity in the agricultural production, processing and forestry sectors in the short term, and also work to further encourage recovery after the public health crisis caused by the COVID-19 pandemic.

The funds will be able to be used to finance employee salaries, overheads and other basic operating costs, the procurement of raw materials and the settlement of liabilities to suppliers and other current operating costs. The funds cannot be used to settle existing credit obligations to commercial banks and other financial institutions, HBOR noted.

The total amount of funds intended for these loans amounts to the aforementioned 130 million kuna, and is provided by the conversion of part of another financial instrument called "investment loans for rural development" into the new financial instrument called ''working capital for rural development".

Loan applications will be being received until December the 31st, 2020, or until the total amount of available funds are used up, according to a statement from the competent ministry and from HBOR.

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