World Bank okays loans for Croatian railway companies

croatiaThe World Bank’s Board of Directors approved three loans totaling 163.5 million euros to three Croatian railway companies, HZ Infrastructure, HZ Cargo, and HZ Passenger Transport. The loans are allocated for the Sustainable Croatian Railways in Europe Project and have the guarantee of the Croatian state.
The project will assist the three railway companies to improve their operational efficiency and financial situation in order to deliver better services in a financially sustainable way. The project will also assist the Ministry of Maritime Affairs, Transport, and Infrastructure to coordinate and manage the railway sector reform.
“We are very pleased to support the Croatian Government in the development of a financially sustainable railway sector that is able to compete in the demanding European Union market, and help Croatia to increase its role as a transport gateway to Central and Southern Europe. The project will also allow for a more efficient use by railway operators of EU-funded infrastructure, preserve public resources for investment, and diminish the need for operations subsidies,” said Mamta Murthi, World Bank Regional Director for Central Europe and the Baltic Countries.

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