Summary of Proposed Investment
Project Number
8314
Company Name
ALPE JADRAN BANKA DD
Date SPI Disclosed
Nov 25, 1997
Country
Croatia
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Dec 30, 1997
Signed : Mar 21, 1998
Invested : Dec 30, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Croatia - Alpe Jadran Banka |
| Region | Europe |
| Sector |
Projected Board DateDecember 18, 1997
Company NameAlpe Jadran Banka (AJB)
Technical Partner and/or Major Shareholders
Mr. Pero Perisic (President of the Bank) and Mr. Luca Jeric, each of whom owns 50% of the Bank.
Project Cost Including proposed IFC investment
US$48 million, including an A loan of up to US$4 million for IFC’s own account, and a B loan of up to US$3 million.
Location of project and Description of site
Split, Croatia
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
AJB, a small regional Croatian bank, will utilize the IFC loan to on-lend to small- and medium-sized enterprises (SMSEs) in Croatia for trade finance, and for the acquisition of productive equipment for expansion and modernization purposes. IFC’s loan is additionally expected to lengthen the maturity of, and stabilize, the funding base of AJB. Also, through the imposition of strict financial covenants, IFC will help further the institutional development of the Bank.
Environmental Category and Issues
This is a category FI project according to IFC’s environmental review procedure. The Bank has an environmental risk management system, which was established to meet the requirements for EBRD and the IBRD’s Investment Recovery Project. The Bank has designated four individuals to be responsible for environmental issues. All four have attended EBRD’s environmental training; two of them have attended two one-week seminars in environmental assessment and environmental evaluation organized by IBRD, the Croatian Government Institute of Environmental Protection, and the British Department for International Development. As part of the training for EBRD, the Bank developed an environmental management plan. The Bank understands that IFC must review and clear all category A subprojects, and submit annual environmental performance reports to IFC.
| Date SPI sent to PIC | November 25, 1997 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
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