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Factsheet for measure HR-2020-30/1232 Updated – measures in Croatia

Guarantees for new liquidity loans for solving problems caused by the COVID-19 pandemic

Jamstava za nove kredite za likvidnost za rješavanje problema izazvanih pandemijom COVID-a 19

Country Croatia , applies nationwide
Time period Temporary, 21 July 2020 – 31 December 2021
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Predrag Bejakovic (IJF)
Measure added 02 October 2020 (updated 18 November 2021)

Background information

In order to mitigate the adverse impacts of the COVID-19 pandemic, the Croatian Bank for Reconstruction and Development (HBOR) implement various measures aimed at maintaining the level of economic activity, keeping the liquidity of economic operators stable and, most importantly, preserving jobs. To facilitate the approval of liquidity loans at favorable terms and conditions in cooperation with commercial banks and to speed up the recovery of as many entrepreneurs as possible whose operations have been adversely affected by the COVID-19 (coronavirus), necessary guarantees in the form of portfolio insurance policies (guarantees) are offered for loans intended for exporters and the tourism industry.

Content of measure

Croatian Bank for Reconstruction and Development (HBOR) for and on behalf of the Republic of Croatia, approves portfolio insurance policies (guarantees) to commercial banks and to HBOR for new liquidity loans for solving the problems caused by consequences of the pandemic COVID-19. Insurance policies (guarantees) are used as collateral for new liquidity loans approved to exporters, and as a new measure, HBOR has also enabled exporters from the tourism sector to use this benefit. This manner of insurance is available for use by indirect exporters (suppliers of exporters). Insurance policies (guarantees) allow entrepreneurs to obtain new liquidity loans more easily and more quickly with less collateral requirements. The guarantee covers a maximum of 90% of the principal of an individual loan. Losses are borne proportionally - in accordance with the amount of guarantee coverage and under the same conditions by the Lender and the Ministry of the Sea, Transport and Infrastructure. Target groups and loan beneficiaries are large enterprises operating in the maritime, transport, transport infrastructure and related activities sectors facing business difficulties as a result of the crisis caused by the COVID-19 pandemic.


The following updates to this measure have been made after it came into effect.

09 October 2021

In order to facilitate the approval of favorable liquidity loans and accelerate the recovery of as many as possible entrepreneurs adversely affected by the consequences of the COVID-19 pandemic, Croatian Bank for Recovery and Development in cooperation with commercial banks introduced in 2020 provision of insurance and issuing of loan guarantees. The loan guarantees cover up to 90% of risk of the loan repayment. The program provides easier access to finance, thus ensuring the sustainability of operation and mitigation of effects of the crisis caused by the COVID-19 pandemic. This measure has been prolonged to 2021.

Use of measure

HBOR will not require the Lender to obtain special security instruments other than those that the Lender will contract under the loan agreement. In recourse collection (proceedings put into the hands of the creditor), inflows from all collateral agreed under the loan agreement will be divided between the Republic of Croatia and the Pro rata Lender in accordance with the level of guarantee coverage (maximum 90:10). Creditors / guarantees are banks in the Republic of Croatia operating in accordance with the Credit Institutions Act and HBOR. No information on uptake available, but it is believed that the uptake is rather low.

Target groups

Workers Businesses Citizens
Does not apply to workers Sector specific set of companies
Larger corporations
Importing/Exporting companies
Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement as case not in social partner domain No involvement as case not in social partner domain
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • No involvement
  • Main level of involvement: N/A


Due to the nature of the measure social partners were not involved.

Views and reactions

Due to the nature of the measure social partners were not involved but they always support measures that aid companies in their business activities.

Sectors and occupations

    • Economic area Sector (NACE level 2)
      H - Transportation And Storage H49 Land transport and transport via pipelines
      H50 Water transport
      H52 Warehousing and support activities for transportation
      I - Accommodation And Food Service Activities I55 Accommodation
      I56 Food and beverage service activities

This case is not occupation-specific.


  • 21 July 2020: Program dodjele državnih potpora sektoru mora, prometa, prometne infrastrukture i povezanim djelatnostima u aktualnoj pandemiji COVID-19 (


Eurofound (2020), Guarantees for new liquidity loans for solving problems caused by the COVID-19 pandemic, measure HR-2020-30/1232 (measures in Croatia), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.